HIH Insurance

 

HIH Insurance Limited was a publicly listed company in Australia. Prior to its collapse in 2001, the HIH Group was the second largest general insurer in Australia and had operations in many other countries.

On 15 March 2001, HIH Insurance Limited and a number of its subsidiaries were placed into provisional liquidation. Subsequently, on 27 August 2001, the companies that were in provisional liquidation were placed into liquidation.

Schemes of Arrangement are now in place for eight of those companies.

The Scheme Administrators have made initial payments to certain creditors and will make further payments over the coming years.











 
 
 
Scheme Administrators' estimate of ultimate Scheme Payments
Scheme Company
Estimated Final %
To Date
HIH
15% to 25%
9% and
12.64%*
FAIG
40% to 50%
30%
CIC
40% to 50%
30%
FAIT
Less than 5%
nil
FAIR
More than 50%
nil
FAII
Less than 5%
nil
WMG
10%
5%
HIHU
5% to 10%
nil

The above figures are preliminary estimates only. Final outcomes may vary considerably from these estimates, depending on reinsurance collected, development of future claims patterns, bad debt levels, other asset recoveries, the success of litigation, nature of claims and costs incurred.

* 9% has been paid to all HIH creditors worldwide except creditors with insurance liabilities in Australia who have been paid 12.64%

   
 
 
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