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In recent years, the Australian insurance and reinsurance industry has been dampened by billion-dollar losses and the subsequent exit from the market of GIOs reinsurance operations as well as the failure of New Cap Re, ReAC and HIH Insurance.
Remaining participants have essentially comprised branch and subsidiary operations of major global reinsurance groups, with QBE Reinsurance surviving as the last Australian-owned material participant. Despite these cycles, the Australian market remains highly developed with sophisticated underwriting skills, new and alternate forms of reinsurance cover, and a high level of reinsurance usage.
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