Insurance Adviser June 2024

JUNE 2024

COMMUNITY, INTEGRITY AND EXPERTISE Chat with new NIBA CEO Richard Klipin Cover Story: YOUNG LEADERS OF TOMORROW GOING BEYOND THE ORDINARY

Meet the state finalists of the 2024 Young Broker of the Year Awards

Features: COMPLEXITIES INCREASE

Effects of a tough climate impact management liability

CHANGES IN STORE FOR WORKERS’ COMPENSATION Major changes are happening across Australia

WE ARE YOUR VOICE

CONTENTS June 2024

ACN 006 093 849 ABN 94 006 093 849

FEATURES

Insurance Adviser magazine is the monthly magazine of the National Insurance Brokers Association (NIBA).

Insurance Adviser magazine is published by NIBA

Publisher

Richard Klipin, CEO, NIBA T: 0412 127 834 E: rklipin@niba.com.au W: niba.com.au

NIBA Editor Virat Nehru

Editorial enquiries

10 COMMUNITY, INTEGRITY AND EXPERTISE New CEO Richard Klipin on the opportunities that lie ahead for NIBA

E: editor@niba.com.au

National Partnerships Manager Wayne Egelton E: wegelton@niba.com.au

Design

Citrus Media www.citrusmedia.com.au NIBA gives no warranty and makes no representation that the information contained in this magazine is, and will remain, suitable for any purpose or free from error.

To the extent permitted by law, NIBA excludes responsibility and liability in respect of any loss arising in any way (including by way of negligence) from reliance on the information contained in this magazine or otherwise in connection with it.

The contents of Insurance Adviser are protected by copyright and NIBA reserves its rights in this regard.

14 THE NIBA-CGU WELCOME FUNCTION RETURNS WITH A TWIST

Get ready to be transported to New Orleans’ vibrant energy

20 YOUNG LEADERS OF TOMORROW GOING BEYOND THE ORDINARY Meet the state finalists of the Vero-partnered 2024 Young Broker of the Year awards

NIBA.COM.AU / 3

CONTENTS June 2024

FEATURES 32

CHANGES IN STORE FOR WORKERS’ COMPENSATION

Workers’ compensation is undergoing major changes across Australia

IN EVERY ISSUE

NIBA CEO Welcome..................................... 6 Member Benefits ............................................. 8 Representation .............................................. 18

EVENTS

2024 NIBA/AILA Tasmanian General Insurance Masterclass .................................. 16 Applications open for the 2024 NIBA Mentoring Program .......................... 17

40

COMPLEXITIES INCREASE The ripple effects of a tough climate are being felt in management liability

REFERENCE

Community Hub .......................................... 48 Insurer Strength Ratings .............................. 54

DISPLAY ADVERTISING INDEX – JUNE 2024 Vero.......................................................... IFC Ebix................................................................5 CHU...............................................................7 BAIS.............................................................. 9 NIBA Convention................................... 15

NIBA Gala Lunch Series......................19 QBE............................................................. 25 Allianz Risk............................................... 37 Insurance Advisernet...........................39 Hunter Premium Funding...................43

Ark Mutual................................................45 Code of Practice.................................... 47 CGU...................................................... OBC

If you’d like to advertise your products and services through NIBA, please contact Wayne Egelton today on 0481 196 820 4 / INSURANCE ADVISER JUNE 2024

CEO / Welcome

AMPLIFYING OUR VOICE

T

hank you to the entire NIBA community – from the NIBA board, departing CEO Phil Kewin, the various State and Divisional Committees and the NIBA team for such a warm welcome. I’ve received lots of positive messages from NIBA members, and it’s truly humbling to be welcomed into a community that’s so passionate and engaged about driving our insurance broking profession forward.

NIBA is the ‘one voice’ of the broking profession, and there’s an exciting opportunity at hand to amplify that voice even further in a way that’s clear, loud and thoughtful.

The role of an insurance broker in serving their clients and their broader community has never been more important as Australians face increased risks due to an increase in the frequency and severity of natural disasters. In light of this, balancing the need for accessible and affordable advice has never been more relevant.

The profession is critical in helping ensure that financial advice, including general insurance advice, remains accessible and affordable for everyday Australians.

With that in mind, it’s vital that the voice of the broking community is well heard and represented. As the world becomes increasingly more complex, the need to have a trusted advisor by your side will become more important.

That’s where brokers play such a crucial role. Insurance brokers are the essential intermediaries between customers and insurers providing expert advice, risk assessment, and tailored solutions to meet the needs of their clients. Brokers also play a key role during claims, acting as the client’s advocate and helping them navigate the claims process.

Building the voice and the power of the NIBA community – which forms an essential part of the NIBA strategy – with integrity and confidence and to explore the opportunities that may come our way is important in this journey.

One such opportunity to amplify our voice presented itself earlier this month, when NIBA appeared before the Senate Economics Legislation Committee to support the proposed reforms outlined in the first tranche of the Delivering Better Financial Outcomes package, with a view to legislate recommendations in the Quality of Advice Review.

Treasury issued an amendment that addresses the unintended drafting error that inadvertently removed the conflicted remuneration exemption for brokers who provide general advice. We appreciate the work undertaken by government in addressing stakeholder concerns and look forward to continuing to work with the Minister for Financial Services, Stephen Jones MP and the broader

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Treasury team to support the implementation of the remaining Quality of Advice reforms.

Looking at the other NIBA pillar of professionalism, it’s equally important that we hold ourselves accountable, and insurance broking is seen as a trusted profession which has integrity. Continuing to showcase and uphold the highest standards of professionalism is key and will play a big part in how insurance broking is perceived by our stakeholders, as well as in attracting younger talent to join our industry.

Our journey of professionalism will be an important indicator of how successful we are in ensuring that insurance broking is positioned as a career of choice.

I look forward to hearing from you and meeting many of you as we hit the road in July for our Gala Lunches across the country, where we shall announce the state-based winners of the Vero-partnered Young Broker of the Year and the CGU-partnered Broker of the Year.

In this issue, you can get to know more about our 15 state finalists who are in the running to be the national Young Broker of the Year. The national winner will be unveiled at our flagship event – the 2024 NIBA Convention at the Adelaide Convention Centre, held from 20 – 22 October.

Lots of exciting things ahead. I’m privileged to be joining you on this journey.

RICHARD KLIPIN Chief Executive Officer, NIBA

2024

INSURANCE BUSINESS AWARDS

NIBA / Member Benefits

GET TO KNOW THE NIBA DIVISIONAL COMMITTEE CHAIRS

ADAM HINES COMPANY: AETHER INSURANCE & RISK JOB TITLE: DIRECTOR AT AETHER INSURANCE & RISK AND NIBA NSW/ACT DIVISIONAL COMMITTEE CHAIR Why does NIBA matter to me?

There’s no denying, the world is changing pretty rapidly at the moment. From technological change to our shifting climate and growing economic pressures, we’re facing uncertainty unlike anything we’ve seen before.

With uncertainty comes increased risk, and clients look quickly to our industry for the support, protections, and assurances they need to navigate challenging times.

With that reliance comes an increased responsibility to ensure the voice of our industry is heard by government, experts and policy makers as they design the frameworks required to support us through that change, both today, and into the future.

NIBA is that voice. Staying across what’s needed, what’s coming and what’s most important for our members and the individuals and businesses they support. Now, more than ever, that’s why it matters to me.

What is the one broking topic or issue you’re a passionate advocate for?

Regional brokers. I have always been

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and will continue to be a passionate advocate for ensuring regional brokers are represented in our industry and have access to the same training, services, and support as our metropolitan counterparts.

Regional Australia has so much to offer for young and established brokers alike.

From lower costs of living, to improved quality of life, and access to a wide variety of complex and interesting projects to work on – there’s a lot to be said for working outside the major metropolitan centres.

Clients in regional areas expect the same level of service and expertise as metro clients so I’m passionate about ensuring our regional brokers are empowered to deliver the same high standards of service and advice while staying connected to our industry as a whole.

What is something you’re proud of having accomplished in your role as NSW/ACT Divisional Committee Chair?

During a time of transition and change in leadership across the junior and senior NIBA Committees, I’m proud to have been able to leverage my industry network and relationships to identify and introduce a number of new members and fresh perspectives to the Committee.

Diversity in thought, experience, and background is how we ensure we remain relevant and connected to the needs and priorities of our industry, and I’m grateful to each of our new NSW and ACT Committee members for stepping up to that challenge.

Time is a precious commodity for everyone these days and adding another role to your to do list can be a tough ask, but I’m proud that NIBA and the work it does for our industry is something others value and feel passionate about as well; passionate enough to contribute their own time and experience to support that cause and champion the industry.

Together, that’s how we’ll grow stronger.

NIBA SAYS CONGRATULATIONS NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR RECEIVING THEIR QPIB DESIGNATIONS Harpal Singh, Insure Today Luke Grantham, Rivers Insurance Brokers Adriana Spano, North Queensland Insurance Brokers Ryan Passagne, Guard Insurance Brokers Caron Hopkins, Granite Belt Insurance Brokers Melissa Roeters, DeConno & Blanco Insurance Brokers Jansel Kulac, Fortitude Insurance Group Aradhana Hathi, Interlink Insurance Brokers

NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR BECOMING ASSOCIATE MEMBERS Jiao Wu, McKillops Insurance Brokers Mary Joyce Madden, Fortitude Insurance Group Emily Williams, Fortitude Insurance Group

NIBA / Special Feature

COMMUNITY, INTEGRITY AND EXPERTISE

Being part of three associations – including rejuvenating the Financial Services Council over in New Zealand in his last stint – incoming NIBA CEO Richard Klipin knows a thing or two about what makes associations tick. With just over two weeks in the hot seat, he sat down with Insurance Adviser to share how he found his calling in the financial services, the significance of NIBA as the ‘one voice’ of the broking profession, why the role of a broker will become even more important in an evolving professional landscape, and what exciting opportunities lie on the horizon for NIBA.

THE VALUE OF FINANCIAL SERVICES

Right from an early stage of his career, Klipin was sure that the financial services sector was where he wanted to be. And that’s because he could sense that one could make a difference in people’s lives through the sector.

“I joined the financial services sector out of university because I could see the value that it delivered to Australians. Brokers provide this value every day through their services. They help families, businesses and communities understand, manage and mitigate risk,” said Klipin.

“Efficient management of financial services gives people choices. Choices in good times. But also, and I’ve experienced this up close with people I know, choices in difficult times. This could be in the form of floods or fires, ill health, or there could be family issues.

It’s important that financial advice, including general insurance advice, remains accessible and affordable for all Australians.”

BRINGING COMMUNITIES TOGETHER

While Klipin may have started in financial services, it’s when he got involved with professional bodies that he found that his 10 / INSURANCE ADVISER JUNE 2024

passion, purpose and profession coalesced.

His simple mantra of ‘community, integrity and expertise’ is a powerful philosophy that has helped him to take professional associations forward.

“Over the last three decades of my career, I’ve had the privilege of doing lots of different things across jurisdictions. With professional bodies, I could marry my purpose with my profession and play a role in helping communities thrive,” noted Klipin.

“My most recent role back in New Zealand was running the Financial Services Council. Professional bodies are close to my heart because they bring communities together.

“They bring high purpose together.

And the purpose is generally to focus on the value that those sectors deliver for their customers. Whether it’s your superannuation fund, whether it’s financial advice, whether it’s the broking profession, all these different sectors are designed to bring a particular kind of value to the Australian community.

“When you provide that value as a community with integrity and expertise, you can impact people’s lives. Insurance brokers are the essential intermediaries

between customers and insurers, providing expert advice, risk assessment, and tailored solutions to meet the needs of their clients.

Brokers also play a key role during claims, acting as the client’s advocate and helping them navigate the claims process.”

“INSURANCE BROKERS ARE THE ESSENTIAL INTERMEDIARIES BETWEEN CUSTOMERS AND INSURERS, PROVIDING EXPERT ADVICE, RISK ASSESSMENT, AND TAILORED SOLUTIONS TO MEET THE NEEDS OF THEIR CLIENTS.” “When you’re building communities, it means you’re advocating. And when you’re advocating, you’re talking to key stakeholders and amplifying the voice.

NIBA / Special Feature

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NIBA / Special Feature

Industry bodies, because they bring communities together, have collective insight and collective expertise.

“When you bring that together and showcase that collective insight through data and research, you can advocate effectively,” highlighted Klipin.

HOLDING OURSELVES ACCOUNTABLE

While advocacy is important, accountability is as well, notes Klipin. With insurance broking advocating for itself to be seen as a career of choice, professional accountability and holding ourselves to a high standard will play a key role in how the profession is perceived by those looking to enter the industry.

“The role of those communities is also to hold themselves to account. So as a trusted profession, we need to be accountable.

That’s why things like the Code of Practice become important for the lifeblood of all professions,” said Klipin.

“There’s a great opportunity for these communities to become self-generating by focusing on how to bring the next generation of younger practitioners into the profession. How do you train them?

How do you give them experience? How do you help them collaborate and network and avoid some of the pitfalls?”

“THE ROLE OF THOSE COMMUNITIES IS ALSO TO HOLD THEMSELVES TO ACCOUNT. SO AS A TRUSTED PROFESSION, WE NEED TO BE ACCOUNTABLE. THAT’S WHY THINGS LIKE THE CODE OF PRACTICE BECOME IMPORTANT FOR THE LIFEBLOOD OF ALL PROFESSIONS.” NIBA AS THE VOICE OF THE BROKING PROFESSION

NIBA is the ‘one voice’ of the broking profession, and as he gets his feet under the 12 / INSURANCE ADVISER JUNE 2024

desk, Klipin sees an exciting opportunity to amplify this voice to be an even stronger voice for its members.

“The fantastic thing about NIBA is that it has a rich tradition of representing its members. Every CEO has an opportunity to guide and shape the trajectory of the organisation in conjunction with the board,” said Klipin.

“Thanks to previous CEOs Phil Kewin and Dallas Booth, NIBA is already in a really healthy and good position. When I look at the NIBA strategy, which is about representing the profession and being the voice of the sector, that becomes really powerful because we need to find that voice.

“What is your tone of voice? What do you want to say? Who do you want to say it to? How loud do you want it to be? And I can certainly see the opportunity to amplify that voice through our representation pillar to become an even stronger voice for the profession,” said Klipin.

“THANKS TO PHIL KEWIN AND DALLAS BOOTH, NIBA IS ALREADY IN A REALLY HEALTHY AND GOOD POSITION. WHEN I LOOK AT THE NIBA STRATEGY, WHICH IS ABOUT REPRESENTING THE PROFESSION AND BEING THE VOICE OF THE SECTOR, THAT BECOMES REALLY POWERFUL BECAUSE WE NEED TO FIND THAT VOICE.” ATTRACTING YOUNGER TALENT

One of the major challenges that our profession currently faces is attracting younger talent in a world that’s becoming increasingly competitive. This is something that’s on Klipin’s radar, and he’s tirelessly worked on new and exciting ways to get younger professionals more engaged in his previous roles.

“I’ve always been passionate about bringing younger practitioners into the

sector. In my very first association role, we developed a program called ‘GenXt’, which was all about the future of the profession,” said Klipin.

“We’re a few years on, but the principle is the same. How do we make broking an attractive profession for new entrants and where do we take that story?

“How do we take ‘Insure Your Future’ and make it a really powerful part of the landscape? How do we collaborate with schools and universities and other professional bodies to amplify the value that the profession delivers?

“I think we’ve made a good start on these fronts and now we need to build that out,” said Klipin.

ADVOCATING FOR BROKERS IN AN EVOLVING LANDSCAPE

From rapid technological changes to increasing disaster risks, the world of broking is evolving quickly. Klipin sees this evolution as an opportunity to be grasped, highlighting that the role of a broker as a trusted partner for their client will become even more important in this new and uncertain world.

“There are headwinds globally in all sorts of places. The world in the last couple of years has become a troubled place, with fires, conflicts, global warming and climate change,” noted Klipin.

“This is impacting all of us – as humans, as families, as businesses, and as associations. Consumers are getting much clearer about what they need and what they want. Technology is also rapidly changing.

“For brokers, navigating that pathway through that amount of risk and change, while remaining optimistic and adding value to our customers is a really important piece. The role of an insurance broker in serving their clients and their broader community has never been more important, as Australians face increased risks due to an increase in the frequency and severity of natural disasters.”

“I’m broadly optimistic about most things in life and certainly, the role of broker as the trusted advisor and trusted partner of the people they serve will remain as important and as relevant.

“When the world gets faster and more complex, the need to have a trusted advisor becomes even more important to help navigate through that complexity. So, trusted advice provided by an educated and capable professional will be in high demand.

I see that continuing to grow into the future,” said Klipin.

NIBA / Special Feature

“I’M BROADLY OPTIMISTIC ABOUT MOST THINGS IN LIFE AND CERTAINLY, THE ROLE OF BROKER AS THE TRUSTED ADVISOR AND TRUSTED PARTNER OF THE PEOPLE THEY SERVE WILL REMAIN AS IMPORTANT AND AS RELEVANT.” NIBA AS THE GLUE THAT BINDS THE BROKING COMMUNITY TOGETHER

As with any thriving professional association, its beating heart are its members. And the same is true for NIBA, whose 15,000 strong membership binds the broking community together.

“I think Phil Kewin and Dallas Booth have done an excellent job in bringing the community lens to NIBA. The NIBA community is the glue. It’s arguably the most powerful part of a proposition, because we’re all tribal. In the end, we all want to belong,” said Klipin.

“We have a human need to connect. To collaborate. With your colleagues, with your suppliers, with your partners. So, the NIBA community is extremely powerful, and it manifests itself in many different ways.

“We have a rich tradition around our state events. Then, we have our big events such as the Gala Lunches. We also have our flagship event, which is the NIBA Convention. Community is an important and hugely valuable part of why NIBA exists. The challenge for us in the NIBA team is to continue to innovate and evolve and develop ways in which we can bring the community together,” said Klipin.

“COMMUNITY IS AN IMPORTANT AND HUGELY VALUABLE PART OF WHY NIBA EXISTS. THE CHALLENGE ... IS TO CONTINUE TO INNOVATE, EVOLVE AND DEVELOP WAYS IN WHICH WE CAN BRING THE COMMUNITY TOGETHER.”

THE SUPPORT FROM THE NIBA BOARD AND THE WIDER TEAM THROUGH THIS TRANSITION

Change, especially when it occurs at a senior leadership level, can at times be challenging. But Klipin was quick to assure that the level of collective support he’s received so far from everyone he’s encountered has helped make this a seamless transition.

“The NIBA board is made up of a fantastic group of highly skilled and knowledgeable professionals. One of the hallmarks of professional bodies is that people want to give back to help shape and guide the profession, and to leave it in better space,” said Klipin.

“And I see that already in spades at NIBA. From the board, the State Committees, the Young Professional Committees, and everything in between.

Because NIBA is our collective association. The role that everyone plays, whether you’re the president of the organisation, or you’re speaking at an event, or you’re facilitating a session, each role is important. And people have been nothing other than engaged, knowledgeable and welcoming.

“It’s been a really seamless and awesome transition,” said Klipin.

UPCOMING STRATEGIC PRIORITIES FOR NIBA

With the Gala Lunches happening around the country in July, followed by the flagship event – the 2024 NIBA Convention – in October, and then the Code Review coming up in early 2025, Klipin is eager to hit the ground running.

“The pathway for the rest of 2024 is really well signalled. There’s lots of opportunity in the representation pillar to get involved and engage ourselves in some of the big issues of the day. There are also changes happening legislatively in Canberra,” highlighted Klipin.

“There’s a lot of work to be done around workers compensation in New South Wales, as well as around other states as well. So, we need to continue to be awake and aware of things happening in parliaments right around the country.

“The Code review is a really important piece. I mentioned earlier that Codes are really important. They’re a really important signal for consumers, for stakeholders, and for members. And, of course, that Code has been an evolution

over time, and we are in the process of getting ready for our Code review. So that’s taking up a large amount of time.

“We’re now heading into the second half of the year, with lots of fantastic events coming up. These events tie directly into the NIBA strategy that’s about being the voice of the sector, bringing the community together, and showcasing the capability, expertise and excellence of the sector.

“These events also become catalysts for having important discussions about the future of Australia, the future of consumers, and the future of the profession. So, the events program plays a really important role in that regard.

“Looking ahead to 2025, we’ll start to think about how we take the great stuff that we have and start to build out other opportunities that will come our way. “[Insure Your Future] is there on the runway to build, and we’ll kind of see what else turns up in the next few months,” concluded Klipin.

“THE CODE REVIEW IS A REALLY IMPORTANT PIECE. I MENTIONED EARLIER THAT CODES ARE REALLY IMPORTANT. THEY’RE A REALLY IMPORTANT SIGNAL FOR CONSUMERS, FOR STAKEHOLDERS, AND FOR MEMBERS. AND, OF COURSE, THAT CODE HAS BEEN AN EVOLUTION OVER TIME, AND WE ARE IN THE PROCESS OF GETTING READY FOR OUR CODE REVIEW.” RICHARD KLIPIN Chief Executive Officer, NIBA

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NIBA / Convention

THE NIBA-CGU WELCOME FUNCTION RETURNS WITH A TWIST

The flagship event of the broking calendar – the 2024 NIBA Convention – will kick off with a fresh and exciting twist, thanks to the NIBA-CGU Welcome Function. This special night will set the stage for an extraordinary Convention experience that you won’t want to miss.

Get ready to be transported to New Orleans’ vibrant energy as Vardon Ave in Adelaide is transformed into a bustling extravaganza!

WHAT TO EXPECT Live Performances: Groove to live bands, DJ sets and lively street performances, each adding their own unique flavour to the atmosphere. Expect an auditory and visual experience that sets the stage for a memorable night of entertainment.

Street Food Delights: Indulge in a diverse selection of street food offerings, complete with live cooking stations. While there’s something to satisfy every taste bud, expect a special nod to the culinary traditions of Southern US, especially the soulful cuisine of Louisiana.

Karaoke Fun: Step into the limelight at our dedicated karaoke bar within the precinct, where everyone has a chance to shine.

Whether you are a seasoned inner rockstar, or a first-time performer, this is your moment to join in the fun, singing your favourite tunes and create memories with old and new friends.

Lighting up the Street: See the magic as we light up the entire street for this special event. As you stroll along, be on the lookout for delightful surprises and unexpected spectacles, adding to the magic of the event.

Di Phelan, 2024 Convention Chair, shared her excitement about the Welcome Function.

“Our journey kicks off with a vibrant welcome function where you can come together and meet old and new friends in a Louisiana style street fair that promises to showcase the true culture of Adelaide and the food and drink we have to offer.”

EVENT DETAILS

When: 6:30pm – 10:00pm, Sunday 20 October 2024 Where: East End Cellar, 25 Vardon Ave, Adelaide South Dress Code: Smart casual

NIBA members can take advantage of the Early Bird offer and save!

14 / INSURANCE ADVISER JUNE 2024

EARLY BIRD REGISTRATIONS NOW OPEN This flagship event will bring the insurance community together and encourage you to embrace innovation. Over two-and-a-half days, we will learn, share, connect, celebrate, and unpack the key future trends facing our profession within Australia. Secure your Early Bird ticket to the 2024 NIBA Convention today.

EARLY BIRD PRICES APPLY UNTIL MONDAY, 31 JULY 2024

NIBA Early Bird tickets are just $1,200 ex GST, saving 16% on the standard price

Early Bird Price Standard Price NIBA Convention Registrations Available until 31 July 2024 From 1 August 2024

EARN UP TO 10 CPD POINTS

NIBA Member Full Convention Registration

$1,200

$1,440

Non-Member Full Convention Registration

$1,440

$1,730

Young Professional (under 35) Full Convention Registration

$930

$1,040

NIBA Member Day Registration

$660

$660

Non-Member Day Registration

$800

$800

Accompanying Partner Registration

$500

$500

NIBA Member 8Plus Group Discount*

$930

$1,040

Scan the QR Code or Register at:

NIBA Non-Member 8Plus Group Discount*

$1,390

$1,680

www.2024nibaconvention.com.au

Discount applies for group tickets of eight or more delegates.* Convention fees are in Australian dollars and quoted exclusive of GST.

Proudly sponsored by

NIBA / Events

NIBA EVENTS

NIBA stages a variety of educational and social events across Australia for the whole intermediated insurance community.

2024 NIBA/AILA TASMANIAN GENERAL INSURANCE MASTERCLASS The inaugural AILA/NIBA General Insurance Masterclass was recently successfully held on Friday, 24 May in Hobart and enjoyed by over 100 delegates comprising NIBA members, AILA members and other industry participants and stakeholders.

Post Leigh Stalker’s appointment as NIBA Vice Chair Vic/Tas and Chair of the NIBA Tas Sub-Committee, Leigh and team have worked hard to refresh and reinvigorate NIBA Tas actions, profile and industry engagement.

The AILA/NIBA General Insurance Masterclass is a good example of the Tas refresh and was positioned as a key NIBA event and initiative for the Tasmanian NIBA 2024 calendar. The Masterclass featured a half day educational program followed by networking and drinks to conclude the day.

The program included: • General insurance trends set in train by important insurance cases coming out of our courts in 2023.

• Calculating risk: underestimating the risk and/or the quantum of a claim can have serious ramifications from an industry and legal point of view.

16 / INSURANCE ADVISER JUNE 2024

•

Insight into the tools used by the industry to assess risk, the importance of reviewing reserves, and the implications of getting this wrong, with the use of case examples.

• What is management liability insurance and the trends and developments in key exposures.

• Contractual indemnities: shifting blame, contracting out and the impact on insurance coverage.

A quality panel of speakers from the insurance industry and legal fraternity provided insights, thought provokers, examples and highlighted the challenges and head winds for the industry going forward.

It was great to have a fantastic cross section of AILA members, NIBA members, industry participants, suppliers and stakeholders. It was, (also) great to have Stella Pruscino, NIBA National Board Director representing Vic/Tas and Kevin Baker, NIBA Chair Vic/Tas attend and participate as presenters.

The success of the AILA/NIBA General Insurance Masterclass provides a great springboard for the remaining NIBA Tas activities 2024 which are proposed to include:

•

A further engagement with AILA on other possible joint initiatives. AILA was a tremendous brand and partner in leading the Masterclass.

• An introduction of new CEO Richard Klipin and representatives from both the National Board and Vic/Tas Divisional Committee.

• Ongoing education, both face to face and virtual tapping into the NIBA national initiatives.

• Strong participation and engagement in the 2024 NIBA Mentoring Program.

NIBA / Events

APPLICATIONS ARE OPEN FOR THE 2024 NIBA MENTORING PROGRAM WHAT IS THE NIBA MENTORING PROGRAM?

The NIBA Mentoring Program encourages and supports industry professionals to improve their professional development, manage their learning, maximise their potential, and develop their skills and performance. The program is industry-wide and seeks to involve participants from brokerage and other industry sectors. Mentors are drawn from various insurance-related industries, and this program helps develop their leadership skills. Applications close Friday, 5 July.

WHO CAN BE A MENTOR?

Mentors should have a broad range of life and work experience and strongly understand our industry’s issues. They must be committed to their mentees' personal and professional development and prepared to be involved in all aspects of the program.

Mentors are required to abide by the NIBA Mentoring Code of Practice at all times.

• Guide and offer support to the mentee • Commit to the program and be available at the time designated in the program • Attend the program workshops with the mentee • Evaluate the mentee’s skills and weaknesses • Provide candid opinions.

WHO CAN BE A MENTEE?

NIBA identifies mentees as professionals already active in the industry and engaged in their field, demonstrating a commitment to professional growth and development.

This ensures the mentoring relationship is beneficial and effective, fostering a productive exchange of knowledge and experience. For the mentoring process to succeed, mentees must: • Take responsibility for their learning and development • Be open to different perspectives • Take on the challenges and tasks set as part of the program • Be able to accept appropriate feedback and coaching.

JOIN THE 2024 PROGRAM! The 2024 program will be conducted from Wednesday, 21st August, to Wednesday, 6th November, across Sydney, Melbourne, Adelaide, Brisbane, Perth, and Hobart.

Apply now to be a mentor or a mentee

THANK YOU TO OUR SPONSORS NATIONAL STATE

NIBA.COM.AU / 17

NIBA / Representation

WE ARE YOUR VOICE! A key part of NIBA’s role is representing the interests of brokers to government and regulators to ensure that all Australians have access to trusted risk advice. NIBA also maintains strong relationships with government, regulators, relevant industry bodies, consumer groups and government agencies.

QUALITY OF ADVICE REVIEW

Treasury has amended the Delivering Better Financial Outcomes legislation to address the drafting error that inadvertently removed the conflicted remuneration exemption for brokers who provide general advice.

The amendments address the concerns raised by NIBA and other stakeholders, that if left unresolved, would have made general risk advice harder to access for Australian consumers.

NEW SOUTH WALES EMERGENCY SERVICES LEVY

Work is progressing on the New South Wales government’s reform of the emergency services funding model. Submissions to the government’s consultation paper, Reforming the Emergency Services Funding System closed late last month. NIBA’s submission, which was developed following extensive feedback from members, reiterated NIBA’s support for the reforms.

Of the four revenue models put forward by the government, member feedback overwhelmingly supported a model based on Capital Improved Value or Unimproved Land Values. NIBA members also supported replacing the council contribution, to ensure property owners do not contribute twice.

To reflect the risk each property poses, NIBA’s submission supported a model that levies different rates to different classes of property (residential, including residential vacant land, commercial, industrial, primary production, public benefit and vacant excluding vacant residential land) similar to the model used in Victoria to fund their state fire and emergency services.

18 / INSURANCE ADVISER JUNE 2024

WORKCOVER WA BROKER PRINCIPLES AND STANDARDS

WorkCover WA’s Insurance Brokers Principles and Standards of Practice come into effect from 1 July 2024. The principles and standards set out guidelines that insurance brokers are expected to adhere to when dealing with clients, workers and other parties within the WA workers compensation system.

An updated version of the principles and standards, released in April, appeared to place the obligation to disclose commissions on brokers. NIBA has since spoken to WorkCover WA, and they have confirmed they will be releasing an updated version that clarifies this obligation only applies to invoices and quotes from insurers, not brokers.

CONTACT NIBA

As always, brokers who have questions about these or any other government or regulatory matters should feel free to contact Head of Policy & Advocacy Allyssa Hextell at ahextell@niba.com.au

Gala Lunch Series Join us for the 2024 NIBA Gala Lunch Series, reconnect with the NIBA community, and celebrate success at the heart of the insurance broking industry.

As we approach the end of the financial year, it’s the perfect time to relax, unwind, and recognise your hard work and achievements. These events offer the ideal backdrop for catching up with old friends and forging new connections, as well as for gaining valuable insights from NIBA’s leaders, including Gary Okely, NIBA’s President, and Richard Klipin, NIBA’s CEO. We will also announce the state winners of the Broker of the Year and Young Broker of the Year awards, sponsored by CGU and Vero respectively.

Don’t miss this opportunity to re-engage with your peers and celebrate the best in the business.

Register now for the 2024 NIBA Gala Lunch Series and be part of an unforgettable afternoon!

NSW

WA

Qld

WEDNESDAY, 10 JULY

FRIDAY, 12 JULY

WEDNESDAY, 17 JULY

THE FULLERTON HOTEL,

CROWN,

ROYAL ICC,

SYDNEY

PERTH

BRISBANE

Vic

SA

FRIDAY, 19 JULY

FRIDAY, 26 JULY

SOFITEL ON COLLINS,

ADELAIDE OVAL,

MELBOURNE

ADELAIDE

Secure your tickets now

COVER STORY / Meet the state finalists of the 2024 Young Broker of the Year Awards

MEET THE STATE FINALISTS OF THE

2024 YOUNG BROKER OF THE YEAR AWARDS

20 / INSURANCE ADVISER JUNE 2024

The Young Broker of the Year awards are proudly partnered by Vero

YOUNG LEADERS OF TOMORROW GOING BEYOND THE ORDINARY THE 2024 YOUNG BROKER OF THE YEAR AWARD, PARTNERED BY VERO, CELEBRATES THE LEADERS OF TOMORROW WHO STRIVE TO GO ABOVE AND BEYOND, UPHOLDING THE HIGHEST STANDARDS OF PROFESSIONALISM. MEET THIS YEAR’S STATE FINALISTS AND GET TO KNOW THEM BETTER. INTERVIEWS BY VIRAT NEHRU

NIBA.COM.AU / 21

COVER STORY / Meet the state finalists of the 2024 Young Broker of the Year Awards

Lachlan Birrell

Client Manager – Global and Corporate, Aon

How did you get started in the insurance broking industry?

Like a lot of people, I somewhat fell into the industry. Whilst studying Architecture at university, I knew that I didn’t want to pursue it as a career and gave some thought on what I should do. I reached out to a good friend of my dad, who was the State Manager of an insurance company, to get some insight into what his job was and what the insurance industry is like. He suggested that broking might be something that I would find interesting, and he put me in touch with a local broker here in SA. I was lucky enough to be able to be given the opportunity for a week’s work experience, which I really enjoyed. So, I asked if I could come back for a second week. I ended up doing a third week and during that week they offered me a job and I never looked back.

fosters relationships, which I think is very important in our industry.

What is the most important lesson you have learnt in your career so far?

One thing that stands out is to never be afraid to ask questions and ask for advice. I have found that most people in the industry that I have come across are incredibly willing to help out others, which is something I think our industry does incredibly well.

Doing your own research and trying to find out your own answers to problems is invaluable in developing understanding, but talking to people, bouncing ideas off one another, collaborating and working together builds understanding and

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

Going through this process and being a finalist has been such a rewarding experience. I’ve had some wonderful feedback and referrals from long-term clients and underwriters that I have been working with since first coming into the industry. To become a finalist and have my peers in the industry view me as being at a high enough standard is nice recognition and validation for my career so far. I also see it as an opportunity to give back to an industry that has already given me so much.

What are some of the attributes essential to be a good broker?

Obviously, having a sound technical knowledge is vital, as we have to be across so many policies and products, and our clients rely on our knowledge and expertise to make informed decisions. Communication skills accompany this. There is no point having all the knowledge and not being able to effectively communicate this to clients and ensure they understand. Interpersonal and relationship-building skills are vital across all levels of broking, whether that be the relationships we have with clients, insurers, claims personnel or loss adjusters.

Each relationship is important to ensure a successful broking career.

“I have found that most people in the industry that I have come across are incredibly willing to help out others, which is something I think our industry does incredibly well.”

22 / INSURANCE ADVISER JUNE 2024

What is the most important lesson you have learnt in your career so far?

To provide all clients with exceptional service and to assist with the overall management and support of their insurance programs, through open communication and thorough review analysis of their cover requirements.

I am consistently on the road visiting our clients to gain a thorough understanding of their businesses and cover requirements, to ensure I can offer them the most appropriate cover available, tailored to their needs. I am also very conscious of remaining up to date with local trends in the market and new products which are launching, along with underwriter training sessions.

What are some of the attributes essential to be a good broker?

Being honest, transparent and acting with fairness, being efficient and caring for my client’s needs. Gaining my clients’ trust is very important and having the skills and knowledge is a must have. It’s important for me to be there for my clients in their time of need, whether it be on site at a large loss claim to assist them through the claims progress or promoting their business on social media.

I believe in maintaining a high standard in all communications, both internal and external. I always keep my clients up to date with how things are progressing, no matter the task at hand. I like to build strong relationships with my clients, developing trust and confidence that I will be there to ensure their insurance requirements are met and where possible, exceeded. I need to be reliable, have my own high standards and show that I care about every aspect of the client as well as my role as their trusted insurance adviser.

The Young Broker of the Year awards are proudly partnered by Vero

Rebecca Heatley

Jack Miles

Account Manager, Holdfast Insurance Brokers

“I believe in maintaining a high standard in all communications, both internal and external.”

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

It is a huge milestone and something that I am incredibly proud of. Since commencing within the insurance industry in 2009 and working my way through various roles within the industry, to end up being a finalist for the Young Broker of the Year, shows that hard work truly pays off. I believe that even when you have the qualifications, the field experience and being thrown into different scenarios day to day with all types of clients, helps you grow as a person and gives you a better understanding and insight into the industry.

Not to mention having the satisfaction of juggling a family of four children and working full time. Life can be hectic, but this proves you should never give up on your goals and aspirations.

This prestigious nomination will open doors to new opportunities for further professional development and help me to achieve my career goals. I am eager to continue expanding my expertise, embracing new challenges and contributing to the ever-evolving insurance industry.

I feel like this is finally my time and my chance to pursue many more achievements and developments with my career in the coming years.

Senior Account Executive, Kerrie Woodards Insurance

What is the most important lesson you have learnt in your career so far?

The most important lesson I have learned in my career so far is the value of honesty and transparency. It’s essential to have difficult conversations with clients and the insurers or underwriting agencies you work with. Often, we don’t have the right answers immediately, and we must consult with our advisors or experts within our network to find these answers. Being honest and transparent with clients sets realistic expectations about outcomes, whether it’s regarding policy placement or claims.

It’s crucial to avoid setting false expectations, as there is nothing worse for a client than anticipating a favourable result and then facing disappointment. By being upfront about uncertainties and potential challenges, we build trust and credibility.

This approach ensures that clients are wellinformed and prepared for any scenario.

Having these hard conversations isn’t always easy, but it’s a necessary part of the job. It allows both you and the client to address issues head-on and find a way to move forward. This practice not only strengthens client relationships but also enhances your reputation as a reliable and trustworthy broker.

What are some of the attributes essential to be a good broker?

I believe empathy is important for any successful broker. By putting yourself in the clients’ shoes, you can better understand their needs and concerns which allows you to tailor your recommendations to address their specific circumstances. It also shows you’re actively listening which fosters a

trusting and long-term relationship.

Clear and effective communication is paramount in the role of a broker. It’s important to be able articulate complex insurance concepts in a straightforward manner to ensure that both clients and insurers fully understand the details and options. When complexities arise with policies or negotiating terms, your communication skills play a pivotal role in driving positive outcomes.

Negotiation skills are also essential for brokers. Whether negotiating competitive rates to secure new business or advocating for favourable terms and conditions on behalf of your clients, your ability to negotiate effectively can make a significant difference in the outcome.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

Winning the 2024 Vero Young Broker of the Year award would be an incredible honour, not only for myself but also for our business and the broader insurance community in South Australia. It would represent a significant milestone in my career trajectory, opening doors to new opportunities and elevating our business’s relevance within the state.

More than just a personal achievement, winning this award would validate the dedication, hard work, and commitment to excellence that I have poured into my work in the insurance broking industry.

It would serve as a testament to the passion and drive that I bring to my role as a broker, and it would reaffirm my belief in the importance of providing exceptional service to our clients.

“I believe empathy is important for any successful broker.”

NIBA.COM.AU / 23

COVER STORY / Meet the state finalists of the 2024 Young Broker of the Year Awards

Chloe Walker

Kaitlin Munn

Account Manager, Oracle Group Insurance Brokers

Account Executive, Guardian Insurance Brokers

How did you get started in the insurance broking industry?

I fell into it! I was fresh out of school and did some work experience for a couple of weeks. Initially, it was a hybrid/floater role, so I got to try a bit of everything, which was a huge eye opener. I really enjoyed the diversity of broking and the challenging problem-solving aspect. I was soon offered a permanent role in the claims team, then progressed into an assistant position and gradually progressed to the larger, commercial and more complex risks as my knowledge developed. I now manage my own portfolio and the rest is history.

What is the most important lesson you have learnt in your career so far?

I have learnt so much, but the fundamentals come back to the strength of relationships and transparent communication. Relationships with clients, underwriters, colleagues; they are all so important. There is a wealth of knowledge throughout the industry, and I think it is so important to lean on and learn from peers when the opportunity is there.

Transparent communication is important to not only get the job done, but to make sure your values are upheld throughout the process. The saying ‘birds of a feather flock together’ certainly rings true and it is easy to meet people with a common goal (client’s and colleagues alike) when integrity, relationships and communication are at the forefront.

What are some of the attributes essential to be a good broker?

Communication, integrity, professionalism and adaptability are certainly key components. The industry is ever changing, so the ability to overcome challenges and adapt to change quickly is more important than ever. Adaptability also extends into the relationship space, as we are all dealing with a variety of personalities, so being able to develop a genuine rapport amongst such a diverse community is essential.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

Being nominated alone was such an honour. It is certainly a career highlight, and I see it as a great opportunity to promote the industry and hope to use the platform to inspire the fresh faces who are coming up the ranks. Even though we are amidst a challenging time in the market, all the hard work does pay off and it is well worth it. It has been a great opportunity to reflect on my career so far and identify what motivates me and what I truly love about my job. We don’t often stop to consider the ‘why’, but being pushed out of my comfort zone has really made me stop and remember why I do what I do. I love problem solving, the diversity and I am so grateful to be a part of the NIBA community that brings us all together.

“Transparent communication is important to not only get the job done, but to make sure your values are upheld throughout the process.”

24 / INSURANCE ADVISER JUNE 2024

How did you get started in the insurance broking industry?

Like many, I stumbled into insurance broking. I decided to defer my university studies and started out as a receptionist. My passion for insurance quickly ignited once I begun managing claims and I fell in love with the industry.

I have two young children, Archie and Hudson. Managing work life balance is a valuable principle to our family. The flexibility my role offers has been key to my success. Some days work guilt and mum guilt get the better of me, but I am so privileged to experience motherhood and a thriving career. Both of which I am truly passionate and dedicated to.

What is the most important lesson you have learnt in your career so far?

I have learnt to be proactive instead of reactive. Being on the front foot has proven time and time again to be a great influence on providing my clients with the highest standard of service. By being proactive, my clients’ trust is deepened, further strengthening our partnership. At heart, I am a nurturer. Developing and building relationships with my clients comes naturally to me, which is why I love broking.

What are some of the attributes essential to be a good broker?

Providing the extra time to educate clients, ensuring they understand the product they are purchasing; or choosing to take on as a commercial exposure, and providing risk management to implement within their business, are instrumental to winning accounts and retain them.

As a broker, it is vital to be mindful that insurance is our world and not the world our clients live in. Sharing knowledge and educating clients ensures they can make

The Young Broker of the Year awards are proudly partnered by Vero

Casey Fenton

Managing Director, Sparksure

“As a broker, it is vital to be mindful that insurance is our world and is not the world our clients live in.” informed decisions. Communicating in a way the client understands is essential. Within my portfolio, typically, a large proportion are trades people; therefore, I often customise scenarios or provide real life examples within their industry they can relate to.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

I am so honoured to be a finalist. The nomination and journey so far is such a validating experience and I have received overwhelming support from people inside and out of the industry. My passion for insurance has developed over many years and to have succeeded as a finalist really cements my desire to educate and encourage others.

When I became a mother, I didn’t know what my career would look like for at least the first decade. I am thankful to have the support of my team who have played a pivotal role in supporting me on my journey and becoming the broker I am today. I hope to inspire females and demonstrate you can ‘have it all’ and encourage employers to offer the same support I was extended to uplift young Mums and empower them during their journey too.

I wish all the finalists for the 2024 awards the very best and acknowledge their contributions in our industry and I am grateful to share this experience alongside them.

How did you get started in the insurance broking industry?

I got started in the insurance broking industry by chance. Back in 2009, as I was finishing year 12, I had no clear career path in mind. I applied for several reception and administration roles and ended up landing a reception position at a local insurance brokerage in my hometown.

Despite knowing almost nothing about insurance at the time, I took the job. Fast forward 15 years, and here I am, deeply passionate about helping others navigate the world of insurance.

What is the most important lesson you have learnt in your career so far?

The most important lesson I’ve learned in my career is to trust my intuition and take risks. There have been moments when following my gut and taking chances felt like I was moving backwards or straying off course. However, the lessons learned from those experiences have been invaluable, contributing to both my personal and professional growth. Even though I faced challenges and questioned my decisions at times, looking back, it was all worth it.

I wouldn’t be where I am today without taking those risks.

What are some of the attributes essential to be a good broker?

A good broker needs to be curious, proactive, and approachable. While many broking skills can be taught, having a natural desire to solve problems creatively is essential. Anticipating future obstacles, needs, or changes, and being a friendly, approachable person are also key attributes.

Additionally, a “can-do” attitude and willingness to take initiative are crucial for success in this role.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

Being a finalist for the 2024 Young Broker of the Year feels like a full-circle moment at this point in my career. It reassures me that the tough decisions I made were the right ones. Last year, I launched Sparksure, my own insurance brokerage, with the goal of revolutionising how insurance broking services are delivered and aligning with modern millennial business owners. I also aim to address a significant industry challenge: attracting and retaining young professionals.

Becoming a finalist provides me with encouragement and supports my mission to shine a positive light on the industry.

“A good broker needs to be curious, proactive, and approachable. While many broking skills can be taught, having a natural desire to solve problems creatively is essential.”

NIBA.COM.AU / 25

COVER STORY / Meet the state finalists of the 2024 Young Broker of the Year Awards

Nikita Willis

Commercial Manager, Knightcorp Insurance Brokers

What is the most important lesson you have learnt in your career so far?

The most important lesson I have learned in my career so far is to recognise impostor syndrome in myself. This pervasive feeling of self-doubt, despite evident accomplishments and qualifications, can be a significant barrier to growth.

I have learnt that even those who appear most confident and competent can experience these feelings. Acknowledging this allows you to reframe your internal dialogue. There are also practical strategies to manage imposter syndrome, such as seeking feedback, building a support network, reflecting on your achievements, and continuous learning.

What are some of the attributes essential to be a good broker?

I think a good broker is always curious. A deep understanding of products, policies, and regulations is crucial, especially in today’s market. A good broker should be curious enough to seek out as much knowledge as possible and keep up with the changing insurance landscape, and humble enough to admit when they are not the expert.

I also believe that a good broker at their core should be compassionate. The importance of the work we do should not be understated. We help pick up the pieces when events threaten our clients’ livelihoods, and there inherently needs to be a level of care and understanding applied in that process.

Finally, integrity and ethics are fundamental to our roles. To adhere to our industry’s stringent regulations, and to stay true to our Code of Practice, we must uphold the highest standards of honesty and 26 / INSURANCE ADVISER JUNE 2024

transparency. Clients rely on us to provide unbiased advice, and act ethically. The best way to spread the word about the value of insurance brokers is to do great work.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

Becoming a finalist for 2024 Young Broker of the Year is an incredible honour, and a significant milestone in my career. It represents not only personal achievement but also the collective effort and support of my mentors, colleagues, and clients who have believed in me since I began in Insurance as a 17-year-old. It validates the passion I have for this industry and motivates me to continue learning, contribute wherever I can, and make a positive impact on the broking community.

I want to serve as a motivator for other women in the insurance industry. Becoming a finalist proves that with determination and passion, we can overcome obstacles and excel in any role we choose. It also shows that although Insurance may still be male dominated, we are continuously stepping in the right direction, and NIBA are huge supporters of progress. I hope to use this platform to advocate for greater gender diversity and inclusion, mentor aspiring female brokers, and contribute to a more equitable and dynamic industry.

“I want to serve as a motivator for other women in the insurance industry.”

What is the most important lesson you have learnt in your career so far?

The most important lesson I’ve learnt in my career is to surround myself with the right people. In a workplace, there can be many people with different personalities, opinions and roles. If these people are respectful, supportive, inspiring, and willing to teach each other, everyone succeeds.

My colleagues at WTW demonstrate these attributes, and so my knowledge and skills have rapidly increased. I’m also fortunate to witness fantastic leadership, certainly in the Brisbane office where I am based, and I aim to replicate various aspects of this in how I conduct myself.

So much time is spent working; hence, the type of work you’re doing and the people you’re with are of utmost importance. Thus, my advice to others is to find a company with people you want to be surrounded by.

What are some of the attributes essential to be a good broker?

There are two attributes which I believe are essential to be a good broker. Firstly, demonstrating excellent communication skills. And secondly, having a desire and willingness to learn.

All day, every day, we must effectively communicate with clients, insurers and colleagues through written, verbal and non-verbal means. To ensure the needs of our clients are met and that they understand the options which are put before them is vital. To get the appropriate options for our clients from insurers, brokers must clearly and accurately communicate to underwriters what insurances are being sought. Equally important is that brokers communicate with their colleagues, particularly when multiple team members service a client.

Good brokers must also have a desire and willingness to learn. The world in

The Young Broker of the Year awards are proudly partnered by Vero

Jodie Krafft Account Executive, WTW

“Good brokers must also have a desire and willingness to learn.” which we live is constantly changing and so are the needs of clients. To keep up with these changes and their potential impacts, brokers must be willing to learn to stay current and educated. I believe people can be taught almost everything there is to know about insurance broking if they have the right attitude, however changing someone’s attitude if they aren’t interested in learning is exceptionally difficult.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

Being a finalist for NIBA’s Young Broker of the Year award is an honourable way of being recognised for my commitment, achievement, passion and contribution to the insurance industry and wider community. With many talented and dedicated people in this profession, having been nominated for this award and becoming a finalist is very exciting and reaffirms my confidence in my abilities.

Providing exceptional service and understanding my clients’ needs is at the forefront of how I operate as an insurance broker. To be named as a finalist for this award is another way of letting my clients know that I won’t stop going above and beyond for them.

Due to the prestige of this award, the validation from being a finalist is a great opportunity to promote the insurance broking profession to the wider world, an opportunity that I will take at every chance. I am grateful to NIBA and Vero for continually enabling this award. Being nominated as a finalist is very satisfying and very much appreciated.

Ellen Mills

Risk Adviser, Adroid Insurance and Risk

What is the most important lesson you have learnt in your career so far?

To be humble and acknowledge you don’t know it all, people trust that. I think the more questions you ask, being curious and actively showing interest in a client’s business is the most natural way to build a solid foundation. This has helped me to create meaningful relationships with not only clients, but also co-workers, underwriters and the broader insurance community. From there, helping clients with their risk exposure comes naturally, as you are never guessing, you know how to communicate with them, and you have a good understanding of their needs and priorities.

What are some of the attributes essential to be a good broker?

I believe main attributes of a good broker is to listen, be transparent, be proactive and to have an open mind. A good broker thinks outside the box, uses common sense, and demonstrates empathy. Clients should never be made to feel like another number in your portfolio, mutual respect is crucial between a broker and their client. Good brokers dedicate time to build a relationship with their client, researching, discussing concerns, and providing sound advice. These attributes ensure a transparent and authentic relationship which embodies trust and effective communication. Product knowledge is also significant in a broker’s skill set. I believe this flows naturally if we consistently have a willingness to learn, work hard, ask the right questions, and avoid complacency.

It is important to remember who you are representing; we are all members bound by the NIBA Code of Practice. Professionalism is important to me. Business needs to be discussed at a professional level, it ensures mutual respect and a sense of reliability, commitment and accountability. To me, it’s the little things we do on daily basis, for example: how we answer the phone, our presentation, punctuality, manner, tone, body language, email literacy and response time.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

Firstly, I would like to acknowledge being nominated for this award. This is something I have always aspired towards. To become a finalist means that I really am in the right place. I know that I naturally gravitate to a leadership persona, and I am so grateful to be considered for this award, which will develop my leadership skills even further. With the award, I want to progress our industry by educating and promoting the insurance broking profession. I am interested in artificial intelligence (AI), cyber insurance and climate change. These are some areas that I believe the industry needs alignment and assistance in. I intend to use this award to leverage myself and become involved in a higher level of discussion through networking groups, insurers, government, local councils, and the broader community.

I intend to use the award to further assist NIBA in their goal to develop and promote the insurance broking profession.

“It is important to remember who you are representing; we are all members bound by the NIBA Code of Practice. Professionalism is important to me.”

NIBA.COM.AU / 27

COVER STORY / Meet the state finalists of the 2024 Young Broker of the Year Awards

Dion Owens

Senior Account Executive – Energy & Power, Marsh Specialty

What is the most important lesson you have learnt in your career so far?

I’ve learned many valuable lessons in my career, but the one that stands out most is the importance of communication and relationships in our industry. While the technical side of insurance is significant, being able to explain insurance options and exposures in terms clients can easily understand is crucial. Honesty with clients, underwriters, and other key stakeholders builds trust, making it easier to provide sound advice, updates, and feedback.

In addition to effective communication, I believe in the importance of personal interaction. Talking on the phone or meeting clients in person facilitates smoother conversations, and asking the right questions can yield much more information than emails. However, it is also vital to summarise these conversations in an email to confirm your interpretations and maintain a paper trail for future reference.

What are some of the attributes essential to be a good broker?

Being a successful insurance broker requires a blend of several key attributes.

First and foremost, communication skills are crucial. Clear, effective communication helps in understanding clients’ needs and explaining complex insurance products.

Alongside this, strong negotiation abilities are essential to secure appropriate policies for clients, ensuring they get the most suitable coverage at competitive prices.

Product knowledge stands as a pillar for any good broker. A sound understanding of

“First and foremost, communication skills are crucial.”

28 / INSURANCE ADVISER JUNE 2024

the insurance products allows brokers to tailor solutions precisely to client needs, offering them peace of mind and value for money. Equally important is relationship management. Building and maintaining trust with clients fosters long-term loyalty and encourages referrals, which are vital for growth in this industry.

Passion for the job can significantly enhance a broker’s performance. It helps drive continuous learning and improvement, increasing brokers ability to navigate challenges. Lastly, emotional intelligence is a crucial skill for any broker. It enables brokers to empathise with clients and navigate different personality types effectively.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

Being a finalist for the 2024 Young Broker of the Year is a significant achievement and honour for me. It represents my commitment to the insurance industry and my passion for what we do as brokers.

This recognition validates the hard work, dedication, and enthusiasm I bring to my role every day. It highlights my efforts to provide exceptional service to clients, build strong relationships, and continuously enhance my knowledge and skills to better serve the needs of individuals and businesses. This nomination is not just a personal achievement; it also shines a light on the critical role insurance brokers play in helping clients navigate risks and secure their futures, along with the importance the insurance community places on its young brokers and recognition of those who immerse themselves in the industry. It motivates me to keep pushing for excellence, innovation, and integrity in my work and inspires me to encourage others to consider a career in insurance, showcasing the rewarding nature of our industry.

Steve Richards

Senior Account Manager, RSM Group

What is the most important lesson you have learnt in your career so far?

I have learnt many lessons through my time as a broker and some have been harder than others. The industry is a dynamic one and affords many opportunities if you are willing to push yourself out of your comfort zone. We recently did some strategic planning at RSM and came up with the values of teamwork, accountability, integrity and fairness which are all strongly aligned with how I try to carry myself on a daily basis. I’ve learnt to hold these values front of mind in how I operate and support my client group, I work with my clients in preventative measures and sometimes through their hardest times, having these values helps guide me in providing the best service and outcomes.

What are some of the attributes essential to be a good broker?

Effective communication is the cornerstone of any successful relationship. I prioritise clear and timely communication with my clients, ensuring they are always informed and involved every step of the way. My personal preference for communication has always been in person as it is the most effective way to relay a message, it also breaks down the formal barriers that come with business and brings a partnership and understanding that can’t be replicated.

Taking the time to listen and genuinely hearing out my clients’ concerns, goals and needs allows me to tailor my advice and service to them individually.

Striving to go beyond the professional realm and establish genuine personal connections with people is critical to building relationships with substance. I thoroughly enjoy learning about people’s

The Young Broker of the Year awards are proudly partnered by Vero

Shweta Nimkar

Client Manager – Corporate, Lockton Companies Australia

“Effective communication is the cornerstone of any successful relationship.” lives, families and interests to become a long-term partner rather than having just a transactional relationship. I am committed to nurturing these relationships over time, adapting to their evolving needs and supporting their growth journey. Ultimately my goal is to see my clients thrive, I care about their success and am dedicated to supporting them in achieving their business goals while protecting their risks.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

I was lucky enough to be a finalist for the Young Broker Award last year and can honestly say being nominated for a second year is very humbling, I take great pride in the work I do and in my career. It’s a privilege to be a representative of the industry and something which brings a great sense of achievement. I am grateful to the community I have around me – from my family, colleagues, industry experts and clients that I work with every day. I am constantly learning and growing with the support of my networks and would not be in the position I am in without the people around me. Being a finalist provides a platform to promote insurance and broking to others who may be considering the industry as a profession, something NIBA puts a great deal of effort into. I am proud to be a part of this and to help make a difference in the industry.

How did you get started in the insurance broking industry?

I fell into insurance, like a lot of others, and found myself in a graduate program at JLT in Brisbane. It was very strange coming into an industry that I knew nothing about, but the encouraging thing was that almost everyone I knew had been in the same situation I had been in and was there to support me in my journey as a broker. After being in the industry for a few months, I had no intention of leaving, it was perfectly suited to my personality, and I enjoyed the variety of work that came my way.

What is the most important lesson you have learnt in your career so far?

To say yes to everything when you’re inexperienced and learning, and then to say no when you need to prioritise your time.

The only way to learn as much as you can when you are in the initial stages of your career, is to say yes to any task that comes your way, whether that’s attending site visits, signing up for technical seminars or shadowing a senior team member to see how they conduct themselves. But equally so, it is important to learn how to push back on tasks that aren’t necessarily urgent or critical when you need to allocate your time to more important tasks. Saying no was something I struggled with after saying yes to everything I could, and a lesson that I’m very happy to have practiced and learned when I got given more responsibility as time went on.

What are some of the attributes essential to be a good broker?

Transparency and diligence are two attributes that I think are critical to being a good broker. By being transparent, whether it be timelines, underwriter feedback or premium, you can control the narrative being told to the client and take them on a journey, rather than surprising them at the last minute. This feeds into being a diligent broker which requires a level of detail and care when advising clients and managing a portfolio. As part of the financial sector, we are held to a high standard regarding our obligations to all stakeholders, and being a thorough and meticulous broker is critical in our roles as risk advisers.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

It provides a level of recognition and accomplishment outside the traditional forms of growth you can get in your job.

It means that I can strive for something outside of being a good broker, it’s more than being technically sound and making a deadline. It acknowledges your contributions to an industry and helping shape it for the future, as well as your growth as a person. Becoming a finalist is also a testament to the great managers, mentors and friends that I’ve had over my career, and I am grateful to their help in moulding me into the broker and person I am today.

“By being transparent you can control the narrative being told to the client and take them on a journey, rather than surprising them at the last minute. ” NIBA.COM.AU / 29

COVER STORY / Meet the state finalists of the 2024 Young Broker of the Year Awards

Christian Athanasakis

Account Manager, Aviso Broking

What is the most important lesson you have learnt in your career so far?

One of the most important lessons I have learnt throughout my career is understanding the importance of maintaining and building the relationships we have with our clients.

Being accessible for our clients allows them to know we are available when those urgent matters may arise.

The relationships we build are essentially built on the trust, professionalism, and confidence we instill in our clients. These clients rely on our expert opinions, detailed services, advice, and support for their business and their livelihood. I often focus on developing these relationships through education about the industry, allowing individuals to make an informed and commercial decision about their risk, rather than focusing on selling a policy to the client. The relationships we have with our clients need to be built on trust, especially as insurance brokers are involved with understanding their business plans and operations to ensure we can provide a personal, bespoke service.

Further, staying informed about industry trends and product offerings is essential for us in providing clients with the best possible solutions to meet their needs and assisting in mitigating their risks.

What are some of the attributes essential to be a good broker?

The attributes I have found to be essential in successfully servicing and working with clients within the industry include communication, being empathetic, understanding the industry including continue to develop our industry

knowledge, and holding ourselves to a high ethical standard for all clients.

Communication is a key attribute as it is imperative to actively listen to clients and understand their concerns. Listening to our partnered insurers allows us to effectively communicate with the client about how to improve their risk management and common claim trends within this industry.

It’s important during this communication between insurers and clients, particularly during a claim, to be empathetic to the client’s situation as in some cases this would be occurring during a distressing period.

I am a strong believer that being organised, resilient, analytical, and demonstrating problem-solving solutions are important to maintain a high service standard. I found the combination of all the above attributes are essential for a broker, and in my experience, can further develop the relationships between clients which ultimately can develop into creating key referral partners/ promoters of the services provided.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

It is an incredible feeling to be considered as a finalist. I see being a finalist as a validation of the dedication and efforts of my continued growth throughout my career. I never imagined to be a finalist. It has been an exciting experience to be recognised for the hard work and commitment I have invested in the industry. Knowing how many fantastic young brokers there are in the industry, I wouldn’t have thought I would be among the young broker leaders. It is a privilege and honour to be considered as a finalist and achieve this point in the process.

“The relationships we build are essentially built on the trust, professionalism, and confidence we instill in our clients.”

30 / INSURANCE ADVISER JUNE 2024

William Freitas Managing Director, Confio Insurance

What is the most important lesson you have learnt in your career so far?

The most important lesson that I learnt early on in my career is that anything is possible in the future if I am willing to put in the work for it now. At the beginning of my career, I would at times get caught thinking far into the future and worrying myself with what may or may not happen instead of putting my head down and focusing on my role at that present time. That is until a previous mentor of mine shared with me that if I focused on exceeding expectations in my current role, then the rest of my career would work itself out.

This lesson has fuelled my mindset and underpinned my success with the opportunities that have crossed my path so far. In being dedicated to my craft, committed to achieving outcomes and laser focused on my goals, I have been able to reap the rewards that the insurance industry has offered me. This confidence in my ability to apply myself to any challenge in front of me led me to starting my own insurance broking business at the age of 25.

What are some of the attributes essential to be a good broker?

Some of the most essential attributes to being a good broker is having a strong attention to detail to foster a customercentric approach to broking. Attention to detail goes further than just having a strong technical understanding of the insurer’s terms and conditions. For me, attention to detail includes a broker’s ability to understand risk, manage insurer and client relationships, craft innovative solutions, handle challenging claims and provide exemplary customer service.

Having the ability to hone the details to educate, inform and advise clients in

The Young Broker of the Year awards are proudly partnered by Vero

Emily-Rose Srbinovska

Account Manager, AEI Canberra

“Some of the most essential attributes to being a good broker is having a strong attention to detail to foster a customer-centric approach to broking.” an easy-to-understand manner is what underpins a customer-centric approach.

Some might call it going above and beyond but for me it is the foundation to ensuring that every detail in the customer journey is considered to ensure an outstanding customer experience.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

On a personal note, going through this process of reflection on my own career thus far has been highly rewarding. I am incredibly proud to see how far I have come in the 15 years that I have been in the industry and this process has helped highlight that for me. Becoming a finalist of the 2024 Young Broker of the Year is just further recognition that I am on the right path and the work that I have put into my career is being recognised. It is an absolute honour to be recognised by NIBA and a pleasure to represent young professionals in insurance. I genuinely believe that being a finalist and potentially winning the award will allow me the platform to continue to develop my network within the industry, elevate the voice of young professionals and shape the future of insurance in Australia.

What is the most important lesson you have learnt in your career so far?

It’s challenging to pinpoint just one lesson from my career thus far, as there have been numerous invaluable insights gained along the way. However, if I had to highlight the most significant, it would undoubtedly be recognising the paramount importance of relationships. Within our industry, it’s widely understood that we aren’t merely part of the finance sector but rather, we operate within a relationship-driven landscape. While those outside the industry may perceive it differently, understanding this distinction has been pivotal in shaping my approach to my work with my clients and maintaining the strength in insurer relationships.

Another critical lesson is the value of staying informed and adaptable in a constantly evolving industry. With laws, regulations, and market trends frequently changing, it’s essential for insurance brokers to stay up-to-date and agile in responding to new developments.

Continuous learning and professional development play a vital role in providing clients with relevant and high-quality services.

What are some of the attributes essential to be a good broker?

Above all else, passion is the driving force.

You’ve got to genuinely love what you do and wholeheartedly believe in it. When your actions are in sync with your values, everything just flows smoothly.

Additionally, a good insurance broker must possess in-depth knowledge of their products, the current regulations, and constantly changing market trends whilst holding a strong attention to detail. We’re always reviewing tons of paperwork, so we’ve got to be spot-on. Plus, being able

to adapt and think on your feet is a must.

Insurance can get complex, but with some good problem-solving skills, we can always find solutions that fit our clients just right.

Integrity and ethics are critical traits as clients trust us with sensitive information and rely on our expertise to make important decisions regarding their coverage. Upholding high ethical standards and putting clients’ best interests first are key to building trust and long-lasting relationships in the industry.

What does becoming a finalist of the 2024 Young Broker of the Year mean to you?

Being selected as a finalist for the 2024 Young Broker of the Year is an incredible honour, and I’m humbled to be among such talented and dedicated peers. This nomination is validation of my hard work, dedication, and passion for the insurance industry, signifying recognition from both peers and industry experts. I’m deeply grateful for the support and encouragement I’ve received from my colleagues, mentors, and industry leaders, who have played a significant role in shaping my journey.

Being a finalist for Young Broker of the Year is a symbol of my commitment to professionalism, integrity, and continuous growth. It inspires me to keep pushing boundaries, striving for excellence, and making meaningful contributions to the insurance industry and the community at large.

This recognition motivates me to continue advocating for the importance of young professionals in the insurance sector, showcasing the value we bring and the potential we hold for shaping the future of the industry. Congratulations to all the finalists, and here’s to a bright future ahead for young brokers everywhere!

“Above all else, passion is the driving force.

You’ve got to genuinely love what you do and wholeheartedly believe in it. ” NIBA.COM.AU / 31

FEATURE / Workers’ Compensation

CHANGE IN

WORKERS’ COMPENSATION

32 / INSURANCE ADVISER JUNE 2024

FEATURE / Workers’ Compensation

STORE FOR Workers’ compensation continually evolves.

However, new moves should result in more competition – and better outcomes.

By MARTIN WANLESS

W

orkers’ compensation is undergoing some major changes in New South Wales, Victoria and Western Australia – and, aligned with the recommendations of a new independent report commissioned by Safe Work Australia – those changes could be well timed.

The report, conducted by Monash University, looked particularly at early intervention in the workers’ compensation process. It made a number of recommendations to help improve risk mitigation and early intervention and highlighted the fact that there’s no agreed-upon definition of what early intervention is in practice as a hurdle that needs to be overcome.

Some of the changes that are being introduced are ultimately designed to achieve better outcomes, as well as respond to the increasing number of mental health claims the sector is seeing.

Between 2017-18 and 2020-21, mental health claims through workers’ compensation have increased by 36.9%, and the median compensation paid for mental health conditions is three times greater than all physical injuries and illnesses.

Moreover, workers with claims for mental health conditions experienced poorer return-to-work outcomes than people returning from physical injury and illness.

“Early intervention and treatment are essential for psychological injuries and

NIBA.COM.AU / 33

FEATURE / Workers’ Compensation

can make a huge difference in the long-term for both employers and employees,” says Tony Wessling, Group Executive, Workers Compensation NI and TMF at icare.

“Depending on the perspective, some people think early intervention means providing support or treatment so that incapacity does not occur, for example, providing Employee Assistance Programs. Others tend to think of early intervention as early notification of treatment and time off work, so that support can start straight away. It’s better to think of it as a continuum, where employers should promote confidential support and respond as soon as they are aware of any challenges.”

Educating stakeholders on the importance of their role in the claims management experience will help address the current issues relating to early intervention, says Adam Marshall, Managing Director of Eighteen33.

“All states and territories are set up for the worker to access healthcare promptly, however, employers and their representatives aren’t always aware of the impact they could have on the process by contacting the doctor, the worker or 34 / INSURANCE ADVISER JUNE 2024

other stakeholders to begin discussions around the management of the matter,” he says.

“Unfortunately, in the absence of communication, perceptions can be developed, which can impact relationships and the overall workplace culture.”

NEW LOOK WORKERS’ COMPENSATION

This month, the workers’ compensation scheme in NSW became more competitive, as an increasing number of employers now have their choice of icare’s six providers – Allianz, DXC Technology, EML, Gallagher Basset, GIO and QBE. Previously only employers with an annual premium of $500,000 or more were able to select which provider they worked with.

“First and foremost, this is about a better experience for those we serve. We believe we can achieve that by strengthening our partnership with these six providers, while increasing collaboration to reach our shared goals,” says Wessling.

“The ultimate goal has been to drive competition to improve outcomes and provide a better claims experience for the community.”

“AS BROKERS, WE CAN USE OUR KNOWLEDGE, RELATIONSHIPS AND ADVICE TO SUPPORT CLIENTS IN THEIR CHOICE OF CLAIMS SERVICE PROVIDER.” – MICHAEL HUXLEY, PRINCIPAL AT LHB INSURANCE SERVICES

FEATURE / Workers’ Compensation

For Allianz, one of the six providers, it’s an opportunity to work more closely with organisations to mitigate workplace risks and help injured parties return to work successfully.

Mark Pittman, General Manager Government Services at Allianz says, “For medium-sized employers that don’t have the same frequency of claims as larger employers, it’s important we actually help them understand what to look out for and how to best manage the situation. A lot of it comes down to education, around identifying how you can improve the safety of a workplace.

“From there, when a claim does happen, we make it as simple as possible for the employer to understand what they should actually do when someone’s had a workplace accident or illness, and make sure they fully understand the service we provide every day during the claims management process.”

It’s a move that has been welcomed by brokers.

“As brokers, we can use our knowledge, relationships and advice to support clients in their choice of Claims Service Provider,” says Michael Huxley, Principal of LHB Insurance Services.

“Previously there was no choice.

Now, for the insurers acting as the Claim Service Providers, they can formulate their

36 / INSURANCE ADVISER JUNE 2024

“THE ULTIMATE GOAL HAS BEEN TO DRIVE COMPETITION TO IMPROVE OUTCOMES AND PROVIDE A BETTER CLAIMS EXPERIENCE FOR THE COMMUNITY.” – TONY WESSLING, GROUP EXECUTIVE, WORKERS COMPENSATION NI AND TMF AT ICARE

service offering to the market providing competition in this claims management role. Their individual offerings will suit specific businesses/industries differently.

“EML, for example, have formulated their own claims management style. This will result in greater competition where data is supplied around where employees and employers are positive with the claims management process which should provide better outcomes for our clients.”

Marshall agrees, however sounds a warning note regarding an underlying issue impacting successful outcomes.

“These changes will allow brokers and employers the opportunity to commence discussions on claims service and hold providers accountable for their performance,” he says.

“In turn, this will allow brokers and clients to partner with a claims service provider, from the panel, that compliments the insured’s preferred claims management and return to work model.”

The way claims are managed, however, is something Marshall holds concerns about.

“Across the states, we are seeing a lack of experience in case management and a reluctance from the claims agents to take control of claims. Average claims duration is increasing considerably and claims agents are becoming reluctant to challenge

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FEATURE / Workers’ Compensation

matters or proactively negotiate the capacity of injured workers.

“The average time in the chair for a case manager is often outlasted by the average duration of a claim, so providers need experienced claims team leaders and technical specialists to support their claims team.”

Of course, brokers now have significantly more control over which provider to place business with, and the experience and technical know-how of their claims teams will surely figure high on the list when assessing which of the six to place business with.

MENTAL HEALTH IN FOCUS

As mentioned earlier, mental health claims continue to increase, and both Victoria and Western Australia have made changes to their workers’ compensation schemes to attempt to manage this, including introducing exclusions for mental injuries mainly caused by stress or burnout.

(See breakout for more information.)

Every state watches changes to schemes

closely to help evolve and improve its own – and if the changes made in NSW, Victoria, and WA are successful, we can expect further evolution on a wider scale.

“We will always see change in workers’ compensation,” says Huxley.

“If changes in different states work, and provide strong outcomes, we would expect other states to replicate those initiatives.”

Ultimately, NSW-based Marshall believes the changes made by icare should reap significant rewards.

“This will produce considerable results for all stakeholders, including the injured workers, as the market should notice an improvement in response times and claims service delivery as the providers will now be accountable to the broking industry and their policyholders for their performance,” he says.

“This was lost in the single provider model as the provider had little to lose if they didn’t provide service to the brokers or the policyholders.”

WORKERS’ COMPENSATION CHANGES AT A GLANCE In New South Wales, starting 1 July, employers paying an annual premium of $200,000 can choose their workers’ compensation claims provider instead of being assigned one by icare. The previous threshold was $500,000.

In Victoria, the Workplace Injury Rehabilitation and Compensation Amendment (WorkCover Scheme Modernisation) Act 2024 brings several updates. Notably, new criteria for mental injury claims effective from 31 March 2024, and exclusions for mental injuries mainly caused by stress or burnout.

38 / INSURANCE ADVISER JUNE 2024

Mental injury is now defined as causing significant behavioural, cognitive, or psychological dysfunction, diagnosed by a medical practitioner according to the Diagnostic and Statistical Manual of Mental Disorders. Additionally, payments beyond 130 weeks are limited to workers with a whole-person impairment of 21% or more, who also meet the existing capacity test requirement. This applies to claims reaching 130 weeks on or after 31 March 2024.

In Western Australia, the Workers Compensation and Injury Management

Bill 2023, effective 1 July 2024, has revamped the workers compensation landscape. Key changes include doubling the limit on medical and health expenses and extending the period before reducing workers’ weekly compensation payments from 13 to 26 weeks. Employers now have seven days, up from five, to submit workers’ claims to their insurer.

Furthermore, stress-related claims arising from ‘reasonable administrative actions,’ such as formal performance reviews, are now excluded.

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FEATURE / Management Liability

COMPLEXITIES INCREASE The ripple effects of a tough climate are being felt in management liability, while the repercussions of construction insolvencies are also being felt.

By MARTIN WANLESS

40 / INSURANCE ADVISER JUNE 2024

FEATURE / Management Liability

NIBA.COM.AU / 41

FEATURE / Management Liability

W

hen times are financially challenging, the knock-on effects are wide-ranging and far-reaching.

Yes, interest rate rises and inflation have an immediate impact on consumer spending and affordability, affecting consumers and businesses alike in various ways.

There’s less disposable income, the prices of goods and services increase and sales generally fall.

Underneath all of that, the ripple effects are felt.

“When the economy is not doing well, crime losses increase,” says Matthew McPhee, National Underwriting Manager at Berkley Insurance Australia.

“We have seen an increase in crime losses due to the cost-of-living crisis, which has on occasion led to an increase in crime excesses and the need to charge adequate premiums to cover the increase in crime losses.”

Those crime losses can range from direct theft to more complex fraud, as a recent claim that Michele Doran, Senior Account Manager at FIS Insurance Services, was involved in demonstrates.

42 / INSURANCE ADVISER JUNE 2024

“We had a client whose business was defrauded to the tune of over $100,000 by an employee who managed the insurance,” she explains.

“The employee then went for unfair dismissal as well, incurring $20,000 of legal costs. As this was the person who managed all the company’s insurances, the actual insured was unaware the management liability insurance would cover these costs, and we were able to make a claim afterwards – the insurer covered just under 50% of costs. As a result of this, the business now makes sure that all their staff understand all the insurance covers that are in place.”

CONSTRUCTION AN UNSURPRISING HEADACHE

According to reports, insolvencies in the building and construction sector are almost a third higher than the same time last year, and unsurprisingly, that’s impacting management liability premiums and appetite.

Michael Huxley, Principal of LHB Insurance Services, says, “There has been a hardening within this product for a number of years, and we are hoping that we are nearing the top of this cycle.

“EXCESS VARIATION IS SUBSTANTIAL IN THE MARKET AND THIS PRODUCT HAS VARIABLE EXCESSES ACROSS COVERAGE SECTIONS WHICH REQUIRES CLOSE MONITORING AND SUPPORT. INSURERS ARE WRITING OUT COVER ALSO VIA ENDORSEMENTS WHICH REQUIRES VERY CLOSE MANAGEMENT.” – MICHAEL HUXLEY, PRINCIPAL OF LHB INSURANCE SERVICES

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FEATURE / Management Liability

“MOST CLIENTS KNOW WHAT A PROPERTY INSURANCE POLICY COVERS, BUT MANY ARE UNAWARE OF THE EXTENT OF COVER UNDER AN ML POLICY.” – MATTHEW MCPHEE, NATIONAL UNDERWRITING MANAGER AT BERKLEY INSURANCE AUSTRALIA

“Increased litigation is one of the reasons for increased premiums, and within the construction industry specifically, the financial impact on the businesses that have worked heavily on a fixed pricing model has exposed management liability insurers to financial losses here.

While building and construction are a major concern for insurance generally, they also have a trickle-down effect on other areas of business.

“While management liability policies contain an insolvency exclusion, the insolvency of an insured causes an increase in related claims, such as employment practices liability, crime and tax audit,” says McPhee.

“Also, a company that is experiencing financial hardship may cut corners on safety, which can result in WH&S incidents and therefore WH&S investigations.

“If the company is no longer trading, these matters become extremely difficult

to defend as access to relevant employees is difficult if they are no longer employed by the insured.”

Mental health is still a core area of focus, explains McPhee.

“The employment landscape is complex, and employees have a variety of legal avenues at their disposal, but the rise in mental anguish claims attaching to standard EPL matters has increased the complexity of these claims. Any claim that includes a mental anguish component will be more costly and more complex to settle, thus increasing the total quantum of claims.”

THE NEED FOR DEEP UNDERSTANDING

For brokers, embracing that role of risk adviser is critically important in the complex world of management liability – as is embracing the role of insurance expert.

Because, given the complexity, there’s

CASE STUDY SPORTS STRUCTURE COLLAPSE LEADS TO CLAIM The insured was engaged by a local council to provide structural design drawings for a cantilevered roof structure over the spectator terrace at a local sporting club. This structure was in the process of being constructed when in November 2021, there was a worksite incident when a roofing contractor employee was laying roof sheets and the structure collapsed.

Fortunately, no one was injured.

In November 2023, the insured was served with a Summons by SafeWork SA alleging breaches of the Work Health and Safety Act 2012 arising from the incident. The Summons alleged that the insured’s failure to provide an adequate design of the structure amounted to a failure to comply with its duty to ensure, so far as is reasonably practicable, that the structure is designed to be without risks to the health and safety of persons.

Indemnity was promptly granted to the insured pursuant to the policy’s Statutory Liability extension. At the time

44 / INSURANCE ADVISER JUNE 2024

of the incident, the insured investigated and found that the structure’s design was inadequate or defective, which caused the collapse.

If found guilty of the charged offences, the insured was exposed to a maximum penalty (for a body corporate) of $500,000 plus the costs of the prosecution. However, if the insured plead guilty to the charges, it would be entitled to a maximum 40% discount, which would reduce the maximum penalty to $300,000.

In light of the insured’s investigation findings and exposure, Berkley Insurance Australia’s panel lawyers recommended the insured plead guilty to the charges so as to minimise the potential penalty. The insured agreed to this recommendation and pleaded guilty to the charges. BIA’s panel lawyers assisted the insured by: • negotiating with the WHS prosecutor the Statement of Agreed Facts (which were taken into account during sentencing);

• advising the insured and attending the sentencing process on behalf of the insured; and • preparing written submissions for the sentencing hearing.

In May 2023, the Magistrate handed down their decision. They recorded a conviction and ordered the insured to pay a fine of $30,000 (taking into account the 40% early plea discount) plus the costs of the prosecution (which were nominal). The insured was very surprised and overjoyed with the outcome considering it was expecting a significant fine/penalty.

Case study provided by Berkley Insurance Australia

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FEATURE / Management Liability

often a lack of genuine understanding about what the product actually covers and how it works.

“Most clients know what a property insurance policy covers, but many are unaware of the extent of cover under an ML policy,” says McPhee.

Doran agrees: “One of the main challenges is that clients need to understand the full extent of their insurance coverage.

It’s important to make sure that key members of an organisation are aware of the insurance coverage they have in place, and not just the one person who handles the insurance placement.”

That need for understanding goes deeper than coverage, however, as Huxley explains.

“Excess variation is substantial in the market and this product has variable excesses across Coverage Sections which requires close monitoring and support. Insurers are writing out cover also via endorsements which requires very close management.

“Most clients will need support in understanding these changes.”

46 / INSURANCE ADVISER JUNE 2024

THE RIGHT TO DISCONNECT The Federal Government’s Fair Work Legislation Amendment (Closing Loopholes No. 2) Act 2024 comes into effect on 26 August 2024. Clients need to be aware of these changes, which could well result in a number of EPL claims. One of the most interesting changes is the ‘right to disconnect’, meaning that employees have the right to “refuse to read, monitor or respond to contact or attempted contact” from their employer or a third-party, such as a client, unless their refusal is ‘unreasonable’ outside of working hours.

This isn’t a blanket ban on communication or contact out of hours, however employers need to ensure that policies are in line with legislation, and staff – in particular managers – are fully aware of what the changes mean in practice.

INSURANCE BROKERS

CODE OF PRACTICE NIBA launched the 2022 Insurance Brokers Code of Practice on 1 March 2022, and it came into effect on 1 November 2022. It is important that all members have implemented the necessary policies and procedures to comply with their new Code obligations. A number of resources are available on the NIBA website to assist members in implementing the Code.

For a copy of the Code, visit niba.com.au/insurance-brokers-code-of-practice

S&P GLOBAL RATINGS

*For the S&P Global Insurer Financial Strength Ratings Definitions visit: https://www.niba.com.au/resource/standardandpoors.pdf

Copyright © 2023 S&P. This material is reproduced with the permission of S&P. Reproduction of this the S&P Information in any form is prohibited without S&P’s prior written permission. Neither S&P, its affi liates 25/7/2022 1:40 pm nor any of their third-party licensors: (a) guarantee the accuracy, completeness or availability of the S&P information, or (b) make any warranty, express or implied, as to the results to be obtained by Insurer Financial Strength Ratings or any other person from the use of the S&P information or any other data or information included therein or derived therefrom, or (c) make any express or implied warranties, including any warranty of merchantability or fitness for a particular purpose or use, or (d) shall in any way be liable to Insurer Financial Strength Ratings or any recipient of the S&P information for any inaccuracies, errors, or omissions, regardless of cause, in the S&P information or for any damages, whether direct or indirect or consequential, punitive or exemplary resulting therefrom.

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For a copy of the Code, visit niba.com.au/code

Ratings are statements of opinion, not statements of fact or recommendations to buy, hold, or sell any securities. S&P Global (Australia) Pty. Ltd. holds Australian financial services licence number 337565 under the Corporations Act 2001. S&P Global credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). Ratings are based on information received by Ratings Services. Other divisions of S&P Global may have information that is not available to Ratings Services.

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INDEX QPIB...........................................................................................................48, 49 Wellington Underwriting.........................................................................48 Australasia Underwriting.........................................................................48 Moran Insurance Brokers.........................................................................49 MGA Insurance Group..............................................................................49

Affinity Insurance Brokers.......................................................................50 Newline Group.............................................................................................50 ASR..................................................................................................................... 51 NIBA Advertising......................................................................................... 52

WANT TO ADVERTISE IN THE INSURANCE ADVISER? If you’re a NIBA member with a product or scheme you’d like to promote to a broker audience in our Community Hub section, please contact Wayne Egelton at wegelton@niba.com.au

My QPIB designation indicates to my clients and prospects that I am highly knowledgeable and skilled in our field, enhancing trust and credibility.

L I S A S H A N TA

Director, SB Protect Insurance Brokers 2023 Qld Broker of the Year

Q P I B – A S TAT E M E N T O F P R O F E S S I O N A L I S M

48 / INSURANCE ADVISER JUNE 2024

Apply online at niba.com.au or email our NIBA Membership Team at info@niba.com.au

COMMUNITY HUB Wellington Underwriting Agencies specialise in labour hire/recruitment, complex liability risks and niche property solutions.

The difficult The The Thedifficult difficult difficult made easy made easy made madeeasy easy

The difficult made easy

Labour Force includes Broadform Liability, Professional Indemnity and Management Liability and has been developed for: • labour hire companies • recruitment companies • group training and registered training organisations Our Combined General Liability wording has been tailored for complex risks including: • construction • manufacturing • rail • resource sector; and • other hard to underwrite risks Wellington’s Property capabilities are focussed on niche exposures including: • catastrophe-exposed properties • mining sector

Contact our Underwriters today or visit our website at

www.wellingtonu.com.au

Deliveringinsurance insurance differently Delivering differently Delivering Delivering insurance insurancedifferently differently with a solutions-first approach. with aasolutions-first approach. with with asolutions-first solutions-firstapproach. approach.

Delivering insurance differently Target Liability Risks with aOccupations solutions-first approach.

Target Property Risks Liability Risks •Target Asbestos RemovalRisks / Risks Demolition / Target Property Property Risks Risks Target Target Liability Liability •Target Distressed or Difficult Target Property Risks

Contractors • Vacant Properties incl Heritage •• Earthmoving Asbestos Removal • Distressed ororDifficult Occupations Asbestos • Asbestos Removal Removal / /Demolition /Demolition Demolition / // • Distressed • Distressed or Difficult Difficult Occupations Occupations • Abattoirs / Seafood Processing / Target Propertyincl Risks Target Liability Risks listed properties.

Earthmoving Contractors • Vacant Properties Heritage Earthmoving Earthmoving Contractors Contractors • Vacant • Vacant Properties Properties incl incl Heritage Heritage & Beverage •• EPS Risks / or Food & Beverage ••• Food Asbestos Removal / Demolition / / // Abattoirs Seafood Processing Distressed Difficult Occupations listed properties.

Abattoirs • Abattoirs //Seafood / Seafood Processing Processing listed listed properties. properties.

• Civil Engineers & Construction Manufacture / Distribution Earthmoving Contractors • Vacant Properties incl Heritage Food & Beverage Beverage Food Food & & Beverage • EPS Risks / Food & Beverage • EPS • EPS Risks Risks / Food / Food & Beverage & Beverage (+10m t/o) • Remote & Timber Pubs / Wineries / •• Abattoirs / Seafood / listed properties.

Civil Engineers Construction Civil • Civil Engineers Engineers &&Construction &Processing Construction Manufacture / Distribution Manufacture Manufacture / Distribution / Distribution • Plumbing & Electrical Contracting Food & Beverage •• Distilleries EPS Risks / Food & Beverage (+10m (+10m t/o) t/o) (+10m t/o) • Remote Remote Timber & Timber Pubs Pubs Wineries / Wineries • Remote && Timber Pubs / /Wineries // / • Plastics / Timber Manufacturing • Service to Mining Industry • Civil Engineers & Construction Manufacture / Distribution Distilleries Distilleries storage – Chemicals, Plumbing • Plumbing &&Electrical &Electrical Electrical Contracting Contracting Distilleries Plumbing Contracting •• High-hazard •• Welding & Fabrication (+10m t/o) Remote & Timber Pubs / Wineries / • Plastics • Tyres Plastics / Timber / Timber Manufacturing Manufacturing Service • Service to to Mining Mining Industry Industry • Plastics / Timber Manufacturing Service to Industry •••• Chemicals Fertiliser Distilleries Plumbing &&Mining Electrical Contracting • High-hazard High-hazard storage storage Chemicals, – Chemicals, Welding • Welding &&Fabrication & Fabrication ••• North – Manufacturing Traditional & •••• Railside exposure • High-hazard storage – –Chemicals, Welding Fabrication PlasticsAustralia / Timber Service to Mining Industry Tyres Tyres Chemicals • Chemicals &&Fertiliser &Fertiliser Fertiliser •••• Waste && Recycling Tyres Chemicals • Parametric High-hazardoptions storage – Chemicals, Welding Fabrication • North • North Australia Australia – Traditional – Traditional & & • Railside • Railside exposure exposure • Waste & Recycling • North Australia – Traditional & Railside exposure Tyres •• Chemicals & Fertiliser •• Renewable Energy Storage && Parametric Parametric options options Waste • Waste &exposure & Recycling North Australia – Traditional ••• Railside Parametric options Waste &Recycling Recycling • Waste • Production Waste & Recycling & Recycling Parametric options • Waste & Recycling • Waste &/Recycling ••• CAR Erection All Risks (+10M) • Renewable Renewable Energy Energy Storage Storage && Waste &Energy Recycling • Renewable Storage & Production ProductionEnergy Storage & • Renewable Production • CAR / Erection AllAll Risks (+10M) • Production CAR / Erection Risks (+10M) • CAR / Erection Risks (+10M)today on 1300 988 643 or visit our website: Contact ourAllunderwriters • CAR / Erection All Risks (+10M)

Australasiaunderwriting.com.au

Contact Contact our our underwriters underwriters today today onon 1300 1300 988 988 643 643 oror visit visit our our website: website:

Contact ourour underwriters 1300988 988643 643oror visit website: Contact underwriterstoday today on on 1300 visit ourour website:

Australasiaunderwriting.com.au Australasiaunderwriting.com.au

Australasiaunderwriting.com.au Australasiaunderwriting.com.au

The QPIB designation sets you apart, reinforcing consumer confidence and underlining your dedication to the highest standards of conduct and professionalism.

JUSTIN PURSLOWE

Account Executive, Aviso WA Insurance Brokers 2023 WA Young Broker of the Year

Q P I B – A S TAT E M E N T O F P R O F E S S I O N A L I S M

Apply online at niba.com.au or email our NIBA Membership Team at info@niba.com.au

NIBA.COM.AU / 49

COMMUNITY HUB

50 / INSURANCE ADVISER JUNE 2024

SPECIALISTS IN COMMUNITY HUB EQUINE LIABILITY

COMMUNITY HUB

Accommodation

Equine Assisted Learning

Petting Zoo

Agistment

Equine Assisted Therapy

Pony Parties

Animal & Petting Zoo

Equine Associations

Pony Rides

Breeding & Studs

Equine Events

Pre-training & Breaking

Carriage Driving

Facility Hire

Rehabilitation

Clinic Organisers

Farriers

Riding Clubs

Clinics

Horse Carriage Driving

Riding Schools

Coaching

Horse Trainers

Saddle Fitters

Dentists

Massage Therapists

1300 130 535 www.affinityib.com.au Affinity Insurance Brokers is an Authorised Representative (No 1288354) of Aon Risk Services Australia Limited AFSL 241141

Untitled-3 1

24/6/2022 12:24 pm

At Newline Australia, we underwrite:

Life Science, Clinical Trials, Public & Products Liability insurance, Professional Indemnity (PI) insurance, Financial Institutions insurance, Directors & Officers insurance and Crime insurance

Key Liability Occupations:

Key PI Occupations:

Key FI Occupations:

• Alternative & Complementary medicines • Automotive • Biotechnology • Clinical Trials / Research • Cosmeceuticals / Nutraceuticals • Defence – machinery, weaponry & protective equipment • Life Science / Pharmaceuticals • Medical & Surgical Devices (including invasive implants) • Medical Equipment / Products • Medicinal Cannabis • Mining • Rail – Products, Maintenance, Locomotive Engineering, operators, Rolling Stocks & Engine Manufacturers • Universities • Veterinary Medicines

• Accountants • Architects • Engineers • Environmental Consultants • Insurance Brokers / Underwriting Agencies • Law Firms • Management Consultants • Miscellaneous Risks • Real Estate Agents • Universities • Valuers

• Fund Managers/Investment Managers • Stock Brokers • Managed Investment Schemes • Excess lines for Financial Planners

Will Clarke

Stephen Mullaly

Linda Sepala

Head of Liability

Head of Professional Indemnity

Head of Financial Lines

Mobile: 0477 222 534 Phone: 03 9912 4021 Email: wclarke@newlinegroup.com.au

Mobile: 0400 051 712 Phone: 03 9912 4017 Email: smullaly@newlinegroup.com.au

Mobile: 0499 504 185 Phone: 03 9912 4010 Email: lsepala@newlinegroup.com.au

Key D&O • Insured firms can be not-for-profit, privately held or publicly traded • Side A/DIC placements • Medicinal Cannabis risks • All industry sectors, both commercial and financial, are underwritten

Key Crime Commercial Crime Insurance is also offered alongside other Financial Lines products

Newline Australia Insurance Pty Ltd ABN 81 118 089 651 NIBA.COM.AU / 43 / 51 NIBA.COM.AU PO Box 16208 Collins St West VIC 8007 PH: 03 9999 1901 newlinegroup.com.au quotes@newlinegroup.com.au Newline Australia Insurance Pty Ltd is wholly owned by Newline Underwriting Management Ltd and 100% secured by Newline Syndicate 1218 at Lloyd’s (NWL1218)

COMMUNITY HUB

52 / INSURANCE ADVISER JUNE 2024

COMMUNITY HUB

Advertise with the most influential and trusted voice in the Australian intermediated insurance Industry - NIBA Who we are

Our print and online publications are the official source for industry news, events and information for members of the National Insurance Brokers Association (NIBA).

Who we reach

Our publications reach four core audiences: insurance brokers, senior executives at major insurers, underwriters and financial services professionals and loss assessors.

What we do for your brand

Through integrated packaging we set your brand apart from the rest. We break through the clutter to provide you with prime positioning and special advertising opportunities, placing you directly in front of NIBA members. THIS IS NIBA

What we do

• Print publications including Insurance Adviser • e-Newsletters including the weekly Broker Buzz newsletter • NIBA website • Need A Broker website • Targeted email campaigns • Events – NIBA Annual Convention

Contact Wayne Egelton National Partnerships Manager E: wegelton@niba.com.au

NIBA.COM.AU / 53

INSURER STRENGTH RATINGS

BEST’S

NEW ZEALAND

FINANCIAL STRENGTH RATINGS

The following is a list of AM Best Financial Strength Ratings (FSRs) assigned to insurance companies in Australia and New Zealand.

Ratings as at 28 May 2024.

Contact: Mr. Rob Curtis Co-CEO & Managing Director A. M. Best Asia-Pacific (Singapore) Pte Ltd. Tel: +65 9633 6118 Email: rob.curtis@ambest.com

AUSTRALIA

RATING

LIFE, ANNUITY AND ACCIDENT General Reinsurance Life Australia Ltd.

A++/STABLE

PROPERTY/CASUALTY Ansvar Insurance Limited

A-/STABLE

First American Title Insurance Company of Australia Pty Limited

A/STABLE

General Reinsurance Australia Ltd

A++/STABLE

Guild Insurance Limited

A-/STABLE

Pacific International Insurance Pty Limited

B++/STABLE

The New India Assurance Company Limited (Australia Branch)

B++/STABLE

Rating Disclosure: Use and Limitations: A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s, or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance and business profile or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AMBRS) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer, or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilised as a recommendation to purchase, hold or terminate any insurance policy, contract, security, or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended, or withdrawn at any time for any reason at the sole discretion of AMBRS. *Denotes FSR is under review with developing implications.

54 / INSURANCE ADVISER JUNE 2024

RATING

COMPOSITE Quest Insurance Group Limited

B/STABLE

LIFE, ANNUITY AND ACCIDENT American Income Life Insurance Company (New Zealand Branch)

A/STABLE

Chubb Life Insurance New Zealand Limited

A/STABLE

Co-operative Life Limited

B++/STABLE

DPL Insurance Limited

B++/STABLE

Fidelity Life Assurance Company Limited

A-/STABLE

Foundation Life (NZ) Limited

A-/STABLE

General Reinsurance Life Australia Limited (New Zealand Branch)

A++/STABLE

Momentum Life Limited

B++/STABLE

Partners Life Limited

A/STABLE

Pinnacle Life Limited

B+/STABLE

PROPERTY/CASUALTY Accuro Health Insurance Society Limited

B u/DEVELOPING*

Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch)

A+/STABLE

Beneficial Insurance Limited

B++/STABLE

First American Title Insurance Company of Australia Pty Limited (New Zealand Branch)

A/STABLE

FMG Insurance Limited

A/STABLE

General Reinsurance Australia Ltd (New Zealand Branch)

A++/STABLE

Mitsui Sumitomo Insurance Company Limited (New Zealand Branch)

A+/STABLE

New Zealand Medical Indemnity Insurance Limited

B+/STABLE

Pacific International Insurance Pty Ltd (New Zealand Branch)

B++/STABLE

Police Health Plan Limited

A-/STABLE

Provident Insurance Corporation Limited

B/POSITIVE

The New India Assurance Company Limited (New Zealand Branch)

B++/STABLE

Tokio Marine & Nichido Fire Insurance Company Limited (New Zealand Branch)

A++/STABLE

Tower Limited

A-/STABLE

Union Medical Benefits Society Limited

A/STABLE

Veterinary Professional Insurance Society Incorporated

B/STABLE

Virginia Surety Company, Inc. (New Zealand Branch)

A+/STABLE

S&P GLOBAL

AUSTRALIA

INSURER FINANCIAL STRENGTH RATINGS

AA-/STABLE

Achmea Schadeverzekeringen N.V.

A/STABLE

AIG Australia Limited

A/POSITIVE

Allianz Australia Insurance Ltd.

AA-/STABLE

Allied World Assurance Co. Ltd.

A/WATCH POS

Berkshire Hathaway Specialty Insurance Company

AA+/STABLE

BHP Marine & General Insurances Pty Ltd.

A-/STABLE

Chubb Insurance Australia Ltd.

AA-/STABLE

Factory Mutual Insurance Company

A+/POSITIVE

Great Lakes Insurance S.E (Australia Branch)

AA-/POSITIVE

Insurance Australia Ltd.

AA/STABLE

Liberty Mutual Insurance Company Limited

A/STABLE

AA-/STABLE

Mitsui Sumitomo Insurance Company Limited

A+/STABLE

A/POSITIVE

NorthStandard Ltd.

A/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

QBE Insurance (International) Ltd.

A+/STABLE

Society of Lloyd’s

AA-/STABLE

Sompo Japan Insurance Inc.

A+/STABLE

Contact: Craig Bennett, S&P Global Ratings, 03 9631 2197

RATING

NON-LIFE INSURERS AA Insurance Ltd. AIG Insurance New Zealand Ltd. Aioi Nissay Dowa Insurance Co., Ltd

NON-LIFE INSURERS AAI Ltd.

The following is a list of S&P Global Ratings insurer financial strength ratings assigned to insurance companies in Australia and New Zealand. Ratings as at 23 May 2024.

NEW ZEALAND

RATING

A+/STABLE

Allianz Australia Insurance Limited

AA-/STABLE

Berkshire Hathaway Specialty Insurance Company

AA+/STABLE

Chubb Insurance New Zealand Ltd.

AA-/STABLE

Southern Cross Benefits Limited

A/STABLE

Factory Mutual Insurance Company

A+/POSITIVE

Tokio Marine & Nichido Fire Insurance Co., Ltd.

A+/STABLE

Great Lakes Insurance SE

AA-/POSITIVE

XL Insurance Company SE

AA-/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

IAG New Zealand Ltd.

AA/STABLE

LENDERS MORTGAGE INSURERS

Medical Insurance Society Ltd.

A/STABLE

Arch Lenders Mortgage Indemnity Ltd.

A/STABLE

Helia Insurance Pty Ltd.

A/STABLE

QBE Lenders' Mortgage Insurance Ltd.

A+/STABLE

Mitsui Sumitomo Insurance Co. Ltd (New Zealand Branch)

NR

NorthStandard Ltd.

A/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

Society of Lloyd’s

AA-/STABLE

Southern Cross Benefits Ltd.

A/STABLE

Southern Cross Pet Insurance Ltd.

A/STABLE

Teleco Insurance (NZ) Ltd.

BBB+/STABLE

Tokio Marine & Nichido Fire Insurance Co. Ltd. (New Zealand Branch) A+/STABLE

LIFE INSURERS AIA Australia Ltd.

A+/STABLE

Challenger Life Company Ltd.

A/STABLE

MetLife Insurance Ltd.

A+/STABLE

REINSURERS Aspen Insurance UK Ltd.

A-/STABLE

Berkley Insurance Company

A+/POSITIVE

Vero Insurance New Zealand Ltd.

AA-/STABLE

General Reinsurance Australia Ltd.

AA+/STABLE

Vero Liability Insurance Ltd.

AA-/STABLE

General Reinsurance Life Australia Ltd.

AA+/STABLE

AA-/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

Hannover Rück SE

AA-/STABLE

HDI Global SE

A+/STABLE A+/STABLE

Zurich Australian Insurance Ltd.

HEALTH INSURERS NIB NZ Ltd.

A/STABLE

HDI Global Specialty SE

Southern Cross Medical Care Society

A+/STABLE

Munchener Ruckversicherungs-Gesellschaft (Munich Reinsurance Co) AA-/POSITIVE

LENDERS MORTGAGE INSURERS Helia Insurance Pty Ltd. (New Zealand Branch)

A/STABLE

QBE Lenders’ Mortgage Insurance Ltd.

A+/STABLE

LIFE INSURERS Asteron Life Ltd.

A+/WATCH NEG

Medical Life Assurance Society Ltd.

A/STABLE

NIB NZ Insurance Ltd.

A/STABLE

REINSURERS HDI Global Specialty SE

A+/STABLE

Munich Reinsurance Co. of Australasia Ltd.

AA-/POSITIVE

Pacific Life Re (Australia) Pty Ltd

AA-/STABLE

QBE Blue Ocean Re Ltd.

A+/STABLE

RenaissanceRe Europe AG

A+/STABLE

RGA Reinsurance Co. of Australia Ltd.

AA-/STABLE

SCOR Global Life Australia Pty Ltd.

A+/STABLE

SCOR Reinsurance Asia Pacific Pte Ltd.

A+/STABLE

Swiss Re Asia Pte. Ltd., (Australia Branch)

AA-/STABLE

Swiss Re International SE

AA-/STABLE

Swiss Re Life & Health Australia Ltd.

AA-/STABLE

Transatlantic Reinsurance Company

AA+/STABLE

* See page 47 for S&P Global disclaimers and additional information

NIBA.COM.AU / 55