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World InsuranceThe Evolution of a Global Risk Network$
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Peter Borscheid and Niels Viggo Haueter

Print publication date: 2012

Print ISBN-13: 9780199657964

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199657964.001.0001

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Australia and New Zealand: A Tradition Continued—Creating a Domestic Insurance Market

Australia and New Zealand: A Tradition Continued—Creating a Domestic Insurance Market

Chapter:
(p.536) Chapter 23 Australia and New Zealand: A Tradition Continued—Creating a Domestic Insurance Market
Source:
World Insurance
Author(s):

Monica J. Keneley

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199657964.003.0023

This chapter discusses the development of the insurance industry in Australia and New Zealand. In tracing the history of insurance and reinsurance markets in these countries, four major turning points are identified. The first turning point, towards the end of the 1890s, was distinguished by the introduction of a tariff system, which stabilized general insurance markets and influenced their growth over the next sixty years. The second turning point occurred during the 1950s, when an increase in the numbers of overseas and domestic competitors created the foundations of the modern industry. The third point, occurring during the 1970s, was characterized by a period of destabilization in the industry and the breakdown of tariff autonomy. The fourth and final phase occurred in the 1990s, when financial sector deregulation paved the way for structural change in financial and insurance industries, leading to a greater degree of integration with international markets and the emergence of global financial services institutions.

Keywords:   insurance industry, insurance history, insurance market, tariff system, reinsurance, financial sector deregulation

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