Keyword Analysis & Research: HIH_Insurance

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Frequently Asked Questions

What kind of insurance is HIH?

Facts About HIH Insurance. HIH comprised several separate government–licensed insurance companies, including HIH Casualty and General Insurance Limited, FAI General Insurance Company Limited (FAI), CIC Insurance Limited (CIC) and World Marine and General Insurances Limited (WMG). HIH wrote many types of insurance in Australia, the USA, and the UK.

What happened to HIH Insurance?

By then, HIH liquidators estimated the deficiency of the group to be between $3.6 billion and $5.3 billion. The demise of HIH was the largest corporate failure in Australia's history. [3] HIH insurance is currently in run–off, which means it is managing its outstanding claims and not writing any new business.

Is HIH publicly owned?

Shortly afterward, the now fully publicly-owned HIH acquired UK insurer World Marine & General Insurance and Australian insurer FAI Insurance (the latter for $295 million); 6 FAI being a company which was under intense financial pressure at the time, unbeknownst to the directors of HIH.

What was the Insurance Council of Australia doing about HIH?

These calls came from the Hon. Steve Bracks, MP, Premier of Victoria and The Hon. Geoff Gallop, Premier of Western Australia. On 7 May 2001, the Insurance Council of Australia announced its proposed solution for assisting Australian resident policyholders and claimants affected by the collapse of HIH.

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