Why this was Australia’s most significant corporate collapse
The $5.3 billion HIH implosion wiped out more than many high-profile reputations. It cut a swath through the insurance industry, and overhauled the regulatory regime.
The $5.3 billion collapse of HIH in March 2001 was the biggest and most significant in Australian corporate history. This was not just because of its size, but its impact on business, insurance, consumers and regulation.
Much of the media coverage of HIH’s implosion zeroed in on the role of HIH founder Ray Williams, who was later jailed; former prime minister Malcolm Turnbull, who advised the ailing FAI on its sale to HIH; and former FAI chief executive Rodney Adler.
