an investigation of ethical



HIH wrote many types of insurance in Australia, the USA, and the UK. In Australia, this includes compulsory insurance (such as workers compensation and compulsory third party motor vehicle) and noncompulsory insurance (such as home contents and travel insurance).

According to the HIH 2000 Annual Report the company had gross premium revenue of 2.8 billion, total assets of 8.0 billion, total liabilities of 7.1 billion, with net assets of 900 million.

Shareholders of HIH are likely to incur significant losses on their investment, perhaps their entire capital. The extent of these losses will be revealed over time.

SImmediately following the collapse of HIH, numerous reports appeared in the press about HIH policyholders not having their insurance contracts honoured and their claims not paid. This is both unethical and is in breach of the Trade Practices Act (1974).

ASIC (Australian securities and Investment commission) has been active in investigating whether the events surrounding the collapse of HIH involved any breaches of the Corporations Law.


 
 
 
 
 
 



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