Insurtech-Driven MGA, Agile, Appointed as StarStone Partner in Australasia

Article 0 Comments Agile Underwriting Services Pty Ltd., the insurtech-driven managing general agency (MGA) and Lloyd’s coverholder, announced it has been appointed as a representative agent for global specialty insurer, StarStone, in Australia and New Zealand. Agile has been a strategic partner since StarStone launched its Australian underwriting capability in […]

Australia Inquiry into Financial Sector Scandals Seen to Give Reprieve to Banks

Article 0 Comments Australia financial shares surged the most in a decade after an inquiry into decades of wrongdoing stopped short of demanding a structural overhaul of the scandal-plagued industry or tighter lending rules that threatened to crunch bank profits. While banks will face a tougher future with regulators empowered […]

Australia to Shake Up Financial Sector After Inquiry Shows Widespread Wrongdoing

Article 0 Comments Australia’s corporate regulators will be subjected to a new oversight body in a shake-up of the banking sector recommended by a high-powered independent inquiry into financial sector greed and malpractice. The government-appointed inquiry known as a Royal Commission also recommended prosecutions for 24 cases of wrongdoing and […]

Insured Losses from Sydney Hailstorms Estimated at A$635M (US$457.5M): PERILS

Article 0 Comments Initial insured property losses for December’s hailstorms in Sydney are estimated at A$635 million (US$457.5 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. The hailstorms affected the greater Sydney region on Dec. 20, 2018, said PERILS, noting that the estimate also […]

Timeline: Australia’s Inquiry of Misconduct at Banks, Insurers, Wealth Managers

Article 0 Comments For nine months a quasi-judicial public inquiry into Australia’s financial system has heard allegations of bribery, fraud, board-level cover-up, abuse of power and the charging of fees for no service. As the inquiry nears its end, the following is a timeline of milestones since it was announced […]

Australia Inquiry into Bank Misdeeds Could Trigger Sweeping Financial Sector Reform

Article 0 Comments An inquiry that has exposed rampant greed and wrongdoing in Australia’s major banks and wealth managers wraps up this week ahead of a final report which could trigger sweeping reform of the financial sector of the world’s 12-largest economy. Dismissed initially as a “populist whinge” by the […]

Australia Life Insurers Will Be Required to Publish Customer Dispute Numbers

Article 0 Comments Australia’s life insurers will be required to publish customer dispute numbers every six months, top financial regulators said on Wednesday, as a misconduct inquiry threatens other reforms that could hurt industry profitability. For the first time, customers will be able to see comparable dispute and claims data […]

Australian Prime Minister Asks Regulator to Prosecute Bankers for Financial Misdeeds

Article 0 Comments Australian Prime Minister Scott Morrison said on Sunday it was up to the country’s financial regulator to prosecute bankers following the release of a scathing report which found some institutions had pursued profit at the expense of honesty. In almost 60 days of public hearings since February […]

Australia’s Financial Institutions Put Profit over Customers, Mis-Sold Insurance: Inquiry

Article 0 Comments Australia’s big banks and wealth managers pursued profit ahead of their customers’ interests and saw regulatory compliance as a cost rather than a guide to proper conduct, a scathing interim report from a commission of inquiry said on Friday. The sector has been rocked by months of […]

Australia Bans China’s Huawei from Supplying Mobile Equipment, Citing Hacking Risks

Article 0 Comments Australia has banned Chinese telecoms firm Huawei Technologies Co Ltd. from supplying equipment for a 5G mobile network, citing risks of foreign interference and hacking which Beijing dismissed as an “excuse” to tilt the playing field against a Chinese firm. The move, following advice from security agencies, […]