Reinsurance comes up down-under

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      <subfield code="a">Australia is at the end of the line for trade and for service such as insurance associated with trade. There has been no significant amount  of multinational trade based in its seven states. So Australia has not yet developed a trading or insurance centre for international trade. This is an important consideration, because major trading centres reflected exchanges of goods, either simple transhipment or exchange of processed goods for raw materials. Insurance naturally developed around these physical exchanges.Therefore, in 1986 the GIO (Government Insurance Office of New South Wales) established within the general fund a reinsurance division, which trades as GIO Re. Given that this step is at odds with historical development it is interesting to review the experience so far, against the expectations. After all, the major insurance exchange, Lloyd's, developed as a product of London's dominance in worldwide commerce</subfield>
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