Insurance Adviser August 2023

AUGUST 2023

Reimagine: Think Differently

REG IS YOU TER PLA R TOD CE AY

AT THE 2023 NIBA CONVENTION Think Differently: About Attracting Talent About the Role of a Broker

Features:

Also inside:

FINANCIAL CLIMATE HITS SUPPLY CHAIN

RECAPPING NIBA GALA LUNCHES

THE CHALLENGES OF MANAGEMENT LIABILITY

THE NEW EVENTS MODULE IN YOUR MEMBER PORTAL

WE ARE YOUR VOICE

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CONTENTS August 2023

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

Philip Kewin, CEO, NIBA T: (02) 9459 4305 E: pkewin@niba.com.au W: niba.com.au

Communications Manager Wendy Martin

NIBA Editor Virat Nehru

Editorial enquiries

E: editor@niba.com.au

National Sales Manager Tony May E: tmay@niba.com.au

Design

Citrus Media www.citrusmedia.com.au

18 REIMAGINE SOCIAL EVENTS AND NETWORKING Make the most of the networking opportunities at the Convention Think differently about attracting talent and the role of a broker

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.

24 RECAP: NIBA GALA LUNCHES ACROSS THE COUNTRY Read more about the NIBA Gala Lunches from NSW/ACT, WA, SA/NT and the QLD YP Breakfast, QLD NIBA/UAC Expo and the QLD NIBA Gala Lunch NIBA.COM.AU / 3

CONTENTS August 2023

FEATURES

34

FINANCIAL CLIMATE HITS SUPPLY CHAIN Supply chain issues affecting insurance

IN EVERY ISSUE

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

NIBA UPDATE

New Events Module ..................................... 12

NEWS

Industry Bulletin .......................................... 14

EVENTS

42

Forthcoming Events.................................... 10

Event Pictorials.............................................. 58

THE CHALLENGES OF MANAGEMENT LIABILITY

REFERENCE

Issues impacting management liability insurance

Community Hub .......................................... 50 Insurer Strength Ratings .............................. 56

DISPLAY ADVERTISING INDEX – AUGUST 2023 Allianz...................................................... IFC

Ark Mutual................................................. 17

Ebix............................................................. 47

Vero................................................................5

NIBA Convention.................................. 23

ASR..............................................................49

Claims Award.............................................7

NTI............................................................... 37

QPIB........................................................IBC

Simfuni......................................................... 9

Zurich.........................................................39

CGU...................................................... OBC

Community Excellence Award........... 11

Blue Zebra.................................................41

Allianz.......................................................... 15

QPIB...........................................................45

If you’d like to advertise your products and services through NIBA, please contact Tony May today on (02) 9459 4303 4 / INSURANCE ADVISER AUGUST 2023

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CEO / Welcome

MAKING A DIFFERENCE

E

arlier this month, the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, gave notice to the House of Representatives tabling a motion to establish a Parliamentary Inquiry into insurer responses to the 2022 floods. This came not long after the Australian Financial Complaints Authority released its complaints data for 2023 which showed a 50% increase in general insurance claims.

There is no doubt the last few years has been extremely challenging for many Australians that have been impacted by multiple natural disasters. The way government and industries such as insurance respond is critical to the timely and effective nature of the response as well as recovery and preparedness for future events.

Of course, of equal if not even more importance are the steps being taken to mitigate disaster risk and build climate resilient communities. The Assistant Treasurer hit the nail on the head when he said: “97% of disaster funding is going toward recovery and only 3% towards risk mitigation. We want to flip that on its head.” While I think it is important that we review how we collectively responded to the most expensive disasters in Australian history, it is what we learn and implement going forward that will matter most.

Through these challenges, there are many positive stories, including how communities respond and come together to help each other. The broking community is no different, and we know there are many brokers who go above and beyond to ensure their clients and sometimes their communities are looked after in their time of need. This is why for the second year in a row, we are acknowledging community excellence, where a broker has demonstrated a time or experience where they have made a meaningful difference to a client or community. Last year’s recipient, Vanessa Hilton, showed how she not only helped her own clients, but also those other clients who didn’t have the benefit of a broker, to navigate the challenges of dealing with the aftermath of bushfires in Southern NSW. And, for the first time, this year we will recognise those claims professionals who, through their technical competence, underwriter relationships and client focus, demonstrate the brilliant and impactful work that brokers deliver for their clients. I’m looking forward to celebrating those positive stories that never get told and celebrating those award recipients at our Convention in October.

Speaking of the Convention, there is so much to look forward to, and one of the highlights this year promises

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to be the session revolving around ‘The Great Debate’.

Evolving consumer expectations, technology and AI, almost guarantee that the role of the broker will be significantly different by 2030… or will it? I’m really looking forward to both teams slugging it out and ultimately, you as the audience will decide which team has put forth a more convincing argument.

Continual improvement is vital, and I am delighted to share that NIBA has launched its new website and member portal. Members will find the website more streamlined and intuitive, with your member portal giving greater flexibility in the types of information you receive from us, as well as capturing and storing future and past event details along with generated CPD certificates. This is merely phase 1 of our technology upgrades, and we look forward to announcing further enhancements to improve your member experience.

Make sure you log in to optimise your Member Profile. All you need to get started is your email address.

In this month’s features, we look at the impacts of financial climate change on the supply chain and how ESG has become a must do and not a ‘nice to have’. We will also look at the challenges in management liability insurance in a post-COVID-19 environment. We have full coverage of the state Gala Lunches and Broker and Young Broker of the Year awards and a wrap up of all NIBA events, with a preview of future events to keep you engaged and informed.

PHILIP KEWIN Chief Executive Officer, NIBA

2023 NIBA

CLAIMS BROKER OF THE YEAR AWARD ENTER OR NOMINATE NOW

Are you working in a claims management role?

NIBA wants to recognise you.

Claims time is often crunch time for clients – and the experience you deliver can make all of the difference.

The NIBA Claims Broker of the Year Award recognises excellence in claims management and is specially designed to recognise those members working in a brokerage who consistently demonstrate outstanding claims performance.

The member who will be named the 2023 NIBA Claims Broker of the Year Award winner will showcase excellence in claims and exemplify the highest standards of professionalism.

Your entry might cover one particular claim that had a wide-reaching impact on your client, or how you handle multiple claims – that one is up to you!

Who’s this award open to?

Any NIBA member who spends at least 75% of their time working in a claims-specific role can enter this award.

Who is eligible to apply?

Must be a NIBA member working in a brokerage to apply. You can self-nominate or nominate another NIBA Member.

What’s on offer for the winner?

The winner of the 2023 NIBA Claims Broker of the Year Award winner will receive an all-inclusive ticket to the 2023 NIBA Convention, return economy domestic flights from your home state and three nights’ accommodation.

How to enter Apply for the 2023 NIBA Claims Broker of the Year Award by submitting either a maximum 1000-word written entry or a maximum two-minute video that covers the following criteria.

• Claims advocacy in action • Technical competence in insurance as applied to claims • Strength of client and underwriter relationships • Improvement in claims process and practice, leading to better client outcomes.

Email entries to awards@niba.com.au by Wednesday 30 August.

Judging will take place on Tuesday 5 September 2023 and the winner will be advised by Friday 8 September 2023. The winner of the award will be announced at the Convention. The judges will assess the applications based on the answers provided to the above criteria. Full terms and conditions are included on the NIBA website www.niba.com.au/awards For any queries about the competition, please email awards@niba.com.au

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NIBA / Member Benefits

GET TO KNOW THE NIBA TEAM What’s something you’ve achieved at NIBA that you’re proud of?

The Quality of Advice Review has been something that I’ve been working towards since I first started at NIBA (although back then we didn’t know what the Review was going to look like). The Review has informed much of the work I’ve done since 2020, including the new Insurance Brokers Code of Practice, so to have achieved such a positive outcome is something I’m really proud of.

ALLYSSA HEXTELL NIBA Policy and Research Manager How long have you worked at NIBA? Three-and-a-half years.

What does a typical day in your role look like?

One of the best things about my role at NIBA is that there’s no such thing as a typical day. Preparing submissions and keeping up with what’s happening in government takes up a big part of my day, but there are always so many things happening within the industry, that I rarely work on the same issue for more than a couple of days at a time.

At the moment, I’m working on disaster resilience and land use planning, as well as a big project that we’re excited to launch at the NIBA Convention.

What’s the last book that you read or show that you binge-watched?

I’m one of those people that reads multiple books at a time, depending on what I’m in the mood for. At the moment I’m reading Syrian Notebooks which is an account of the uprising in Homs as told by a French journalist who was smuggled into the city and In Extremis, the biography of foreign affairs correspondent Marie Colvin. As for TV, I’m almost always re-watching past seasons of Doctor Who. If you had to recommend a travel destination, what would that be?

I’ve been privileged to be able to travel to some pretty amazing destinations, but I always find myself heading back to the Middle East. If I had to pick one destination it would be Kurdistan in the north of Iraq: delicious food, incredible history and nightlife that puts some European countries to shame.

NIBA SAYS CONGRATULATIONS NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR RECEIVING THEIR QPIB DESIGNATIONS Daniel Berry, Dudgeon Berry Insurance Group Rachel Harris, Guardian Insurance Brokers Pty Ltd Chelsea Norval, CPS General Insurance Agencies Pty Ltd Kylie Wegener, Newmarket Grandwest Pty Ltd t/a Surewise Joel Morrell, Steadfast IRS Pty Ltd t/a Network Insurance Group Wendy Foweraker, Community Broker Network Nicola Wilson, inBroker Services Pty Ltd

NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR BECOMING ASSOCIATE MEMBERS Alisha Cornish, Steadfast Taswide Insurance Brokers Pty Ltd Chris Kempton, JLT Public Sector

ABOUT NIBA OUR MISSION

NIBA is the one voice for insurance brokers in Australia, representing their interests and promoting high standards of professionalism and competence.

OUR OBJECTIVES Representation

We represent the interests of members and their clients to governments, regulators, industry stakeholders, the media and the community in a manner that is respected and relevant. We have forged strong relationships at a state and national level to ensure that your interests are represented.

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Professionalism

We set and promote high standards of professional practice for insurance brokers for the benefit of their clients and the community through the development of professional standards, QPIB, CPD accreditation and the Insurance Brokers Code of Practice.

Community

We provide members with opportunities to meet, share, grow and prosper, and build professional networks with the wider intermediated insurance community that will last throughout whole careers.

GET IN TOUCH!

Whatever your age, or level of experience, NIBA ha s brokers’ best interests at the core of everything we do. Fin d out what we can do to help be nefit your business and your tea m at niba.com.au/membe rship

NIBA / Events

STAY UPDATED!

NIBA EVENTS

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

UPCOMING EVENTS QLD YP STRIKE BOWLING & LASER TAG NETWORKING EVENT Join us for the NIBA Qld YP Strike Bowling & Laser Tag Event at Strike Wintergarden.

Enjoy thrilling games and networking.

Strike a balance between work and play in this unforgettable evening of fun and connections.

Use this exceptional networking opportunity, where you can connect with like-minded professionals and establish valuable industry relationships.

WHERE: Strike Wintergarden WHEN: Thursday 24 August 2023, 5.30pm – 8.30pm

VIC YP WINE & CHEESE NETWORKING EVENT Indulge in an interactive workshop that pairs wine and cheese — a true sensory delight! Discover the rules of wine and

10 / INSURANCE ADVISER AUGUST 2023

Check out what’s happening close to yo u and registe r via the events cale ndar at niba.com.a u/ events

cheese pairing and learn how to break them with confidence. Spaces to this exclusive young professional event are limited.

Purchase your ticket early to secure your attendance and avoid disappointment.

WHERE: Handpicked Cellar Door – 80 Collins Street, Melbourne WHEN: Thursday 17 August 2023, 5.30pm – 7.30pm

UAC EXPO – SAVE THE DATES 14 SEPTEMBER 2023 UAC Adelaide Underwriting Expo

18 OCTOBER 2023 UAC Wollongong Underwriting Expo

15 NOVEMBER 2023 NIBA UAC WA Underwriting Expo More information is available on the UAC website, www.uac.org.au/events/

2023 NIBA CONVENTION WHERE: The Star,

Gold Coast WHEN: Sunday 8 October to Tuesday 10 October 2023

2023

Events / NIBA

NIBA COMMUNITY EXCELLENCE AWARD ENTER OR NOMINATE NOW From helping clients and communities come back from floods and natural disasters to supporting important local events, brokers play an incredibly important role in their communities and for their clients – something celebrated and recognised by NIBA’s 2023 Community Excellence Award.

This award acknowledges the ongoing commitment brokers have to go above and beyond to help their clients and local communities, and truly make a difference.

Whether you or a colleague have made a serious impact on your client or community, we’d love to hear about it.

WHO’S THIS AWARD OPEN TO? Any NIBA Member can apply. You can selfnominate or nominate another NIBA Member.

WHAT’S ON OFFER FOR THE WINNER? The winner of the Community Excellence Award receives a donation of $1,000 to their charity of choice.

The award includes an all-inclusive ticket to the 2023 NIBA Convention, return economy domestic flights from your home state and three nights’ accommodation.

HOW TO ENTER Apply for the NIBA Community Excellence Award by submitting either a maximum 1000word written entry or a maximum two-minute video that covers the following criteria.

•

Describe a time where you made a meaningful difference to help your client or local community.

•

What challenges did you face and how did you overcome them?

•

What factors contributed to making this specific experience meaningful for you?

Email entries to awards@niba.com.au

by Wednesday 30 August.

Judging will take place on Tuesday 5 September 2023 and the winner will be advised by Friday 8 September 2023. The winner of the award will be announced at the Convention. The judges will assess the applications based on the answers provided to the above criteria. Full terms and conditions are included on the NIBA website niba.com.au/awards For any queries about the competition, please email awards@niba.com.au

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NIBA.COM.AU / 11

NIBA / Update

A CLOSER LOOK AT EVENTS IN YOUR NEW MEMBER PORTAL Last month, NIBA launched a new online experience for its members. Discover how the new Events Module in your Member Portal makes engaging with NIBA events a breeze.

CENTRALISED EVENTS MODULE The events section in your Member Portal allows you to access and review all your upcoming registered events, view your past events, and see what other events NIBA is holding that you may want to attend.

IT’S EASIER THAN EVER TO KEEP TRACK OF NIBA EVENTS The new look Events Module in your Member Portal makes it easier and more intuitive to register for and keep track of all the exciting NIBA events that take place throughout the year.

12 / INSURANCE ADVISER AUGUST 2023

NIBA / Update

SEAMLESS REGISTRATION We have simplified the event registration process for members. Through intuitive forms, members can quickly register for events without any hassle. When booking multiple tickets, no need to write down everyone’s names, you can leave that to closer to the event date!

EVENT COMMUNICATION As an event registrant, you will receive timely event updates, notifications and reminders, keeping you informed about event details and changes.

NIBA.COM.AU / 13

PROFESSIONALISM / Industry Bulletin

NIBA WELCOMES ANNOUNCEMENT OF PARLIAMENTARY INQUIRY INTO INSURERS’ RESPONSE TO THE 2022 FLOODS

T

he Assistant Treasurer and Minister for Financial Services Stephen Jones has announced a parliamentary inquiry into insurers’ response to the 2022 floods. The inquiry will take a whole-ofeconomy view of the ongoing challenges faced by intense and frequent flood events.

NIBA welcomes the announcement of the parliamentary inquiry. Brokers play a crucial role as advocates for their clients, ensuring they receive the support and coverage they are entitled to. Australians impacted by the events have faced ongoing challenges both at the time of claim and during the rebuilding process.

Following these devastating events, NIBA has worked with the Insurance Council of Australia (ICA) to ensure that feedback from those on the ground is used to improve the claims handling process and we look forward to sharing these insights with the inquiry.

With the intensity and frequency of these extreme weather events increasing, NIBA commends the inquiry for taking a wholeof-economy view, to improve outcomes for Australian consumers.

The inquiry will investigate the preparedness of insurers to respond to

14 / INSURANCE ADVISER AUGUST 2023

the frequency of these events. It will also consider supply chain issues, skills and labour shortages, claims handling, and communication with policy holders before, during and after these devastating events.

Assistant Treasurer and Minister for Financial Services Stephen Jones outlined his goal in establishing this parliamentary inquiry.

“Extreme weather events are increasing, and insurers need to be proactive and prepared to respond. We need to look at the whole ecosystem in responding to natural disasters. The last thing people need when they’ve lost their home, or their business is to be navigating complex claims processes or waiting months for materials and labourers.”

“I have one goal in establishing this inquiry, and it is to improve the experience for consumers who have been impacted by natural disasters.”

Natural disasters continue to have a massive impact on the lives of Australians, especially those in rural and regional communities. 2022 was a record year for insured losses, driven by flooding in Northern New South Wales and South-East Queensland in February-March, in the Hawkesbury-Nepean in July, across three

states in October, and in the Central West of New South Wales in November. The 2022 floods in South-East Queensland and NSW are the costliest natural disaster for insurance costs in Australian history.

According to the ICA, these events have so far cost $7.17 billion in insured losses from more than 300,000 claims. Two weeks before the February-March floods, the ICA released its Building a More Resilient Australia report, which identified those areas of Australia most at physical and economic risk from worsening extreme weather.

Many of the communities identified in the report were impacted by flooding in 2022, highlighting the urgent need for action.

ICA CEO Andrew Hall also welcomed the parliamentary inquiry, adding: “In 2022, insured losses across all categories totalled $36.5 billion from 5 million claims – meaning last year one quarter of adult Australians made an insurance claim. Any review that supports the ability of insurers to improve how they carry out their crucial function is welcome, and we look forward to participating.”

The ICA’s own independent review of insurers’ response to the February-March 2022 floods is due for release in October.

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PROFESSIONALISM / Industry Bulletin

APRA AND ASIC BEGIN EARLY CONSULTATION ON FAR

T

he Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released key materials for consultation, to support the implementation of the Financial Accountability Regime (FAR) by the financial services industry.

The FAR will impose a strengthened responsibility and accountability framework for APRA-regulated entities in the banking, insurance and superannuation industries and their directors and most senior and influential executives. In doing so, it is designed to improve the risk and governance cultures of those financial institutions.

It will replace the Banking Executive Accountability Regime (BEAR), which came into effect on 1 July 2018.

In addition to authorised deposit-taking institutions (ADIs), the FAR will also apply to insurance companies, superannuation trustees and licensed non-operating holding companies (NOHCs). It will be jointly administered by APRA and ASIC. The FAR will apply to ADIs six months after the Financial Accountability Bill 2023 receives Royal Assent, and to insurance and superannuation entities 18 months following Royal Assent.

To support early engagement with entities and to enable the timely implementation of the FAR, APRA and ASIC have released a package of documents for consultation including:

• Proposed Regulator rules that prescribe information for inclusion in the FAR register of accountable persons, including supporting detail about the ADI key function descriptions.

• Proposed Transitional rules that prescribe information to be provided by banking entities in relation to their existing accountable persons under the BEAR at the transition point.

APRA and ASIC are seeking industry feedback on the proposed Regulator rules, including ADI key functions and Transitional rules. The closing date for submissions is 17 August 2023.

Further industry engagement will follow after the Bill is passed by Parliament and receives Royal Assent.

The documents for consultation are available at: https://www.apra.gov.au/financial-accountability-regime-proposed-regulator-rules-and-transitional-rules

16 / INSURANCE ADVISER AUGUST 2023

ADVERTORIAL / Our Ark Mutual

THE SUCCESS OF OUR ARK MUTUAL Why DMFs are not about hard markets

BY CHARLES POLLACK CEO, Our Ark Mutual

O

ften, Discretionary Mutual Funds (DMFs) have been considered an alternative to insurance only in times of hard markets. Yet, Our Ark Mutual demonstrates that a DMF provides a muchneeded alternative in key markets.

Launching in December 2020 protecting $120 million in assets in Queensland, it closed FY23 protecting almost $2 billion in assets across Australia.

The one thing all Our Ark members have in common is they are vital to a local community.

Not to be confused with discretionary trusts, Discretionary Mutuals are public companies collectively owned by Members (customers).

They are regulated by ASIC, and most have reinsurance as required, for large events or individual large claims.

Flexible products and pricing Our Ark currently provides risk protection for buildings, contents, equipment breakdown, money and increased cost of working.

Each building, even in large portfolios, is individually priced to reveal what factors are driving a price, and what risk mitigation strategies can be implemented.

The DMF structure enabled Our Ark to design solutions with: • No excess, stamp duty, or emergency services levy.

• Per-building settlement basis options of full replacement, set limit, or make safe/removal of debris only.

• Automatic natural perils protection – can be excluded on select buildings upon request.

• Industry-centric PDS that addresses variances in increased costs of working.

• Offsets for future prices from any surplus retained after claims and fees.

Discretion and claims In DMFs the Board has discretion over all claims. Members have the right to have any claim considered by the Board.

The Board of Our Ark includes Member representatives and insurance experts who are legally obliged to act in the best interest of all Members of the Mutual.

This means the flexibility that applied to product design extends to claims.

To the end of FY2023, Our Ark had received 28 claims for consideration from its Members.

How to get a quote?

Some brokers operate under an AFSL that enables them to provide risk protection quotes to their customers. If not, Our Ark offers a referral fee program.

To get a quote or learn more https://www.ourark.com.au/niba

Of those claims, after Board consideration, only two were rejected: 1. It was pre-existing termite damage predating inception of Our Ark risk protection.

2. The cost of remediation was below the Member’s chosen claims hurdle of $10,000.

A claims hurdle is nominated by the Member to align with its financial position. Any claim above this amount is paid in full by Our Ark. The minimum hurdle is $1,000.

Discretion also gives the Board power to settle claims in ways that benefit the Member.

For example: • A cash settlement enabled local trades known to the Member to rectify a building in a remote location. From FNOL to cash in the Member’s bank took three weeks.

• A cash settlement allowed the organisation to rebuild at a new location, uphill from the original, after a recordlevel flood event.

• Paying a higher cost remediation to include risk mitigation solutions to decrease the likelihood of future claims.

Who can be a member of Our Ark? Brokers have introduced more than 80 per cent of Our Ark Members.

Organisations suitable to join Our Ark include: • Community housing providers • Aboriginal land councils and indigenous businesses • Regional hotels, hostels and other accommodation providers • Churches from any denomination • Places of gathering for any religion • Community groups, clubs, and associations • TAFEs, RTOS and other training providers • Regional or small independent schools • Early care and education childcare centres • Plus, any other organisation that is vital to a local community.

NIBA.COM.AU / 17

COMMUNITY / 2023 NIBA Convention

REIMAGINE SOCIAL EVENTS AND NETWORKING

October is approaching fast, and before you know it, it will be time to pack your bags to head over to the Gold Coast for the 2023 NIBA Convention.

With this being the first face-to-face Convention in over three years, the long-awaited opportunity to be able to finally be in the same room and network with peers and other industry professionals cannot be overstated.

When it comes to networking, the Convention has you covered. With plenty of planned social events at your disposal, here’s what you need to know to get the most out of your Convention experience.

NIBA CGU Welcome Function

Date: Sunday 8 October 2023 Time: 6:30pm – 10:00pm Venue: The Lawn, The Star Gold Coast Included for all full registrations, young professional registrations, and accompanying partner registrations.

Additional tickets are available.

A precursor to kicking off the more formal proceedings, the NIBA CGU Welcome Function has been a longstanding Convention tradition, where attendees can relax, let their hair down and network with each other in a more casual setting.

NIBA MARKETPLACE

Need a place to recharge in between thought-provoking talks, keynote speeches and sessions throughout the Convention?

Head on over to the NIBA Marketplace.

Meet up with your peers when you have a break in your schedule, liaise with the many exhibitors who will be at the Convention, find out more about the products and services that will be instrumental in transforming our industry and profession, or just catch a breather before your next session.

18 / INSURANCE ADVISER AUGUST 2023

The Convention is a great opportunity to come together with our colleagues from around Australia. It doesn’t matter whether you’re from small, regional cities or from large, international networks. It’s a fantastic opportunity to meet with peers, learn together, grow together and network together.”

Gary Okely, NIBA President

NIBA GALA DINNER AND AWARDS

Date: Tuesday 10 October 2023 Time: 7:00pm – 11:00pm Venue: Gold Coast Convention and Exhibition Centre Included for all full registrations, young professional registrations, and accompanying partner registrations.

Additional tickets are available.

The energy, excitement and buzz of two-and-a-half days culminates in one of the most important nights in the broking calendar – the NIBA Gala Dinner. The Gala Dinner is where the profession comes together to celebrate some of the new and emerging talent that’s coming up the ranks,

as well as some of the experienced brokers who are leading the way.

CELEBRATING TALENT

At the Convention, you’ll find out and be able to meet the winners of: • The national Vero-sponsored Young Broker of the Year Award • The national QBE-sponsored Broker of the Year Award • The NIBA Community Excellence Award, sponsored by Liberty Specialty Markets • The inaugural NIBA Claims Broker of the Year Award, sponsored by Sedgwick • Large General Insurer of the Year Award • Specialty Insurer of the Year Award • Underwriting Agency of the Year Award.

NIBA.COM.AU / 19

COMMUNITY / 2023 NIBA Convention

THE INAUGURAL

NIBA 2023 CLAIMS BROKER OF

THE YEAR AWARD S ponsored by Sedgwick, this new award will recognise those claims specialists who consistently demonstrate outstanding claims performance. Claims time is often crunch time for clients – and the experience you deliver can make all of the difference during times of great stress. The claims specialist who will be named the winner will showcase excellence in claims and exemplify the highest standards of professionalism.

Any NIBA member who spends at least 75% of their time working in a claims-specific

role can enter this award. You must be a NIBA Member working in a brokerage. And you can nominate yourself or another NIBA Member.

The winner will get an all-inclusive ticket to the 2023 NIBA Convention, return economy domestic flights from your home state and three nights’ accommodation.

Entries are open until 30 August 2023.

For details on eligibility and how to enter, visit www.niba.com.au/awards.

Thank you to our sponsor

THE NIBA 2023

COMMUNITY EXCELLENCE AWARD

S

ponsored by Liberty Specialty Markets, the NIBA Community Excellence Award recognises NIBA Members who have made an exceptional effort in helping their clients or positively contributing to their community.

From helping clients and communities come back from floods and natural disasters to supporting important local events, brokers play an incredibly important role in their communities and for their clients – something celebrated and recognised by NIBA’s 2023 Community Excellence Award.

This award acknowledges the ongoing commitment brokers have to go above

20 / INSURANCE ADVISER AUGUST 2023

and beyond to help their clients and local communities, and truly make a difference.

You must be a NIBA Member to be eligible to apply. You can nominate yourself or another NIBA Member. The winner will get a donation of $1,000 to their charity of choice, plus an all-inclusive ticket to the 2023 NIBA Convention, return economy domestic flights from your home state and three nights’ accommodation.

Entries are open until 30 August 2023.

For details on eligibility and how to enter, visit www.niba.com.au/awards.

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THINK DIFFERENTLY

ABOUT KEY ISSUES IMPACTING THE PROFESSION The changing role of the broker and attracting new talent to the industry are two burning issues that will be front and centre at this year’s NIBA Convention. Below is a little teaser of how conventional thinking is set to be challenged on both fronts come October.

The Great Debate

comprising of two brokers, two insurers and one ‘wild card’ participant. They will take turns to argue for or against the motion.

The affirmative team will be presenting convincing arguments that support the motion that the role of the broker will change remarkably come 2030. Meanwhile, the negative team will be looking to persuade the audience that whilst technology will have an influence, the role of the broker will remain fundamentally the same.

This promises to be an extremely engaging session. The winning team will be crowned at the end of the debate via audience vote!

Tradition to Transformation: Attracting Talent to the Industry

tomorrow as we do not want to be in a situation where the broking profession is devalued and clients and customers start to suffer as a result,” says Mr Sheild.

“When I look back on the past 5 years, there has never been a more important time for buyers of insurance requiring the services and advice of a broker.”

Tom Wheeler, Client Services Officer, Lockton Companies Australia and NIBA Convention Committee member brings a young professional lens on this issue.

“Attendees will walk away with the key insight that embracing innovation and unconventional approaches to talent acquisition is crucial for the insurance industry's growth and success in the rapidly evolving world,” says Mr Wheeler.

“They will understand that breaking free from traditional recruitment methods and reimagining insurance careers are essential steps towards

“The role of an insurance broker in 2030 will be remarkably different to what it is today.”

This is the motion in front of the house that will be a catalyst to kickstart an entertaining and thought-provoking debate. Representatives from the insurance community will go head-to-head as they challenge all in attendance to ‘think differently’ about the future of broking.

Moderated by NIBA Vice President and EGM – Partner, Broker Services and Agencies, Steadfast Group Limited Nicholas Cook, the debate will feature participants from two teams, each

In a rapidly evolving world, the insurance industry needs to recognise the importance to break free from traditional methods of acquiring talent and embrace the transformation required to attract talent.

This session will explore innovative strategies and approaches aimed at attracting a new generation of professionals and existing professionals from other industries to the insurance industry.

Cameron Sheild, Strategic Risk Advisor, Lockton Companies Australia, and member of the NIBA Careers in Insurance Broking Committee explains why attracting talent has become such a hot topic in a postCOVID-19 world.

“We need to pay urgent attention to it today and start to build resourcing for

attracting a new generation of professionals and individuals from diverse backgrounds.”

Mr Sheild believes a lot of it has to do with perception – how the industry perceives itself and is perceived from the outside by others – and that there’s a need to think differently to tackle this perception problem.

“Insurance broking is the financial services industry’s best kept secret, which is a crazy notion,” he says.

“We need to be shouting from the rooftops just how good being an insurance broker is, the opportunities, the various specialty options a broker can take, the excitement of digging into a risk problem and trying to find a solution, the ability to stretch yourself and achieve higher and simply the fantastic remuneration available and ability to run your own business.”

NIBA.COM.AU / 21

COMMUNITY / 2023 NIBA Convention

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Reimagine: Think Differently

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COVER STORY / NSW/ACT Gala Lunch Recap

Recap: 2023

NSW/ACT Gala Lunch

O

n Wednesday 12 July, the much-anticipated 2023 NSW/ACT Gala Lunch took place at The Fullerton Hotel to a packed audience.

The event provided an opportunity for attendees to network with each other and for the NSW and ACT broking community to come together and celebrate the achievements of the past year.

The event opened with speeches from NIBA CEO Philip Kewin and NIBA President Gary Okely before proceeding to the keenly awaited announcement of the NSW/ACT Young Broker of the Year and Broker of the Year awards.

The QBE-sponsored 2023 NSW/ACT Broker of the Year was awarded to Barry Sonter from Finsura and the Verosponsored 2023 NSW/ACT Young Broker of the Year award was won by Joel Morrell from Network Insurance Group.

For a full recap of the NSW/ACT Gala Lunch, scan the QR code here.

24 / INSURANCE ADVISER AUGUST 2023

NIBA.COM.AU / 25

COVER STORY / WA Gala Lunch Recap

Recap: 2023

O

WA Gala Lunch

n Friday 14 July, the eagerly awaited 2023 WA Gala Lunch took place at the Grand Ballroom in Crown Perth. The event provided an opportunity for members to network with each other and for the WA broking community to come together and celebrate the achievements of the past year.

The Master of Ceremonies for the event was Peter Curulli. The lunch had speeches from NIBA President Gary Okely and NIBA CEO Philip Kewin before proceeding with the announcement of the WA Young Broker of the Year and Broker of the Year award winners.

The event was also an opportunity to raise money for a charitable cause. More than $11,000 was raised as part of the Gala Lunch, which will be donated to two organisations: Cystic Fibrosis Western Australia (CFWA) and the Child Cancer Research Foundation.

The QBE-sponsored 2023 WA Broker of the Year award was awarded to Frans du Plessis from Grace Insurance and the Vero-sponsored 2023 WA Young Broker of the Year award was won by Justin Purslowe from Aviso WA Insurance Brokers.

For a full recap of the WA Gala Lunch, scan the QR code here.

26 / INSURANCE ADVISER AUGUST 2023

NIBA.COM.AU / 27

COVER STORY / Qld YP Breakfast Seminar

Recap: 2023

Qld YP Breakfast Seminar

O

n Wednesday 19 July, the Queensland broking community came together at the Brisbane Convention and Exhibition Centre to network and celebrate their achievements. The day started with a YP breakfast seminar which featured an engaging discussion facilitated by Jodie Krafft, Chair of the Qld NIBA Young Professionals Committee.

The keynote speaker for the breakfast seminar was Emma Liversidge, General Manager of Analytics at RACQ. The world is awash with news of great applications for Generative AI, demonstrating enormous potential for doing the jobs of today faster, better and with greater outcomes.

Emma’s presentation focused on how the power of AI can be harnessed to achieve great outcomes.

We would like to thank Emma for her time and insights and Jodie for facilitating the session. Congratulations to the Qld Young Professionals Committee and Steve Pursur from the Qld Divisional Committee for helping put on such an engaging and insightful session.

28 / INSURANCE ADVISER AUGUST 2023

COVER STORY / Qld NIBA/UAC Underwriting Expo

Recap: 2023

Qld NIBA/UAC Underwriting Expo

A

fter the YP Breakfast Seminar, attendees headed to the NIBA/UAC Qld Underwriting Expo. 114 Exhibitors and over 450 registered brokers attended the event. For more photos from the Expo, refer to Event Pictorials on page 58 of this magazine.

NIBA.COM.AU / 29

COVER STORY / Qld Gala Lunch Recap

Recap: 2023

Qld Gala Lunch Recap

T

he winners of two Qld region broking awards were announced at the Gala Lunch.

The Gala Lunch also proved an opportunity to support a charitable cause. Money raised at the event will go towards supporting Dig In, a volunteer-run organisation that provides hot, nutritious and wholesome meals to some of the most vulnerable people experiencing meal insecurity in Brisbane. Every Saturday afternoon, Dig In’s incredible team of volunteers cook and package up to 500 meals.

The QBE-sponsored 2023 Qld Broker of the Year award was awarded to Lisa Shanta from SB Protect Insurance and the Vero-sponsored 2023 Qld Young Broker of the Year award was won by Taylor Burstow from East West Insurance Brokers.

For a full recap of the Qld Gala Lunch, scan the QR code here.

30 / INSURANCE ADVISER AUGUST 2023

NIBA.COM.AU / 31

COVER STORY / SA/NT Gala Lunch Recap

Recap: 2023

SA/NT Gala Lunch

O

n Friday 21 July, the much-anticipated SA/NT Gala Lunch took place at SkyCity Adelaide. The event gave a chance to the SA and NT broking community to network and celebrate their achievements, including the announcement of the winners of the Vero-sponsored 2023 SA/NT Young Broker of the Year and the QBE-sponsored 2023 SA/NT Broker of the Year 2023 award.

The QBE-sponsored 2023 SA/NT Broker of the Year award was awarded to Gary Thomas from Thomas Insurance Brokers and the Vero-sponsored 2023 SA/NT Young Broker of the Year award was won by Adam Luppino from Guardian Insurance Brokers.

For a full recap of the SA/NT Gala Lunch, scan the QR code here.

32 / INSURANCE ADVISER AUGUST 2023

NIBA.COM.AU / 33

FEATURE / Supply Chain

FINANCIAL

CLIMATE CHANGE HITS SUPPLY CHAIN Businesses operating in the supply chain are feeling the pressure of the cost of living crisis – but now’s not the time to scrimp on ESG projects.

By MARTIN WANLESS

34 / INSURANCE ADVISER AUGUST 2023

FEATURE / Supply Chain

NIBA.COM.AU / 35

FEATURE / Supply Chain

F

rom port closures and shipping delays to vehicle and staff shortages, businesses forming part of the global supply chain have faced significant challenges over the past few years.

And while those issues haven’t been entirely resolved, there are some green shoots of recovery. However, new challenges are also emerging.

The financial climate is among the factors contributing to a slowing of demand for global freight services.

“The ongoing geopolitical instability, the impact of inflation on the economy and increased stock holding have contributed to a downward shift in demand,” says Kurt Herron, Logistics Risk Engineer – Marine, at NTI. “After the major shipping delays we saw during the COVID-19 period, many businesses have shifted from the just in time (JIT) logistics model to just in case, which has also reduced demand.”

But it’s the ongoing cost of living crisis and high inflationary environment that’s having a significant impact on many businesses operating in this area.

“Some clients have expressed concerns regarding the ongoing challenges of maintaining business profitability and sustainability amid the current economic climate,” says James Pasfield, General Manager of HMIA. 36 / INSURANCE ADVISER AUGUST 2023

“These pressures can encompass several key factors. Firstly, sustained interest rate hikes can have a significant impact on financed equipment used for business operations. The rise in interest rates also places additional pressures on drivers themselves, sometimes compelling them to work longer hours or seek higher-paying opportunities with different operators, which can lead to wage inflation and higher overall running costs.

“Secondly, inflationary pressures affect the costs of goods and services necessary to keep the business functioning, which is extending beyond rising fuel costs.”

DRIVING FORWARD

Driver shortages continue to create challenges, and with an ageing, in-demand workforce, wages are being pushed up.

“The industry is struggling to find new entrants to the employment market,” says Mervyn Rea, Head of Zurich Resilience Solutions (AU and NZ).

“There are multiple ways in which critical employees such as drivers can fail to turn up for work, for example, illness, stress and injury. But with drivers in high demand, staff turnover is increasing, and it’s proving a challenge to retain drivers.”

However, softening demand may be beginning to ease those difficulties

“BECAUSE OPERATORS ARE STARTING TO SEE A DOWNTURN IN FREIGHT VOLUMES, THE ISSUES AROUND DRIVER SHORTAGES ARE ALSO STARTING TO SOFTEN. EXPERIENCED DRIVERS ARE STILL, HOWEVER, IN SHORT SUPPLY, AND THE LEVEL OF INEXPERIENCE PRESENTED BY DRIVERS IS IMPACTING THE SEVERITY AND FREQUENCY OF LOSSES.” – PAUL BRESSAN, HEAVY MOTOR RISK ENGINEER, NTI

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FEATURE / Supply Chain

“AS WE EMBRACE THESE NEW TECHNOLOGIES, THERE ARE INCREASING EXPECTATIONS REGARDING REFUELLING INFRASTRUCTURE, REPAIR CAPABILITIES AND MAINTENANCE SERVICES.” – JAMES PASFIELD, GENERAL MANAGER, HMIA

38 / INSURANCE ADVISER AUGUST 2023

a little – although inexperienced drivers are having an impact on losses.

“Because operators are starting to see a downturn in freight volumes, the issues around driver shortages are also starting to soften,” says Paul Bressan, Heavy Motor Risk Engineer, NTI. “Experienced drivers are still, however, in short supply, and the level of inexperience presented by drivers is impacting the severity and frequency of losses.”

Those shortages, says Pasfield, have heightened expectations, compounding the cost impact.

“The driver shortages have led to heightened expectations and pressure to complete jobs promptly, and smaller operators have faced increasing challenges, with some even closing their doors,” he says.

“Staying competitive against larger operators in terms of economies of scale has proven difficult for some smaller businesses.”

ESG IMPORTANCE CONTINUES TO GROW

Across all sectors of business, ESG is a subject that’s quickly becoming a key priority – and a major cause of headaches for business leaders.

Taking positive action is now essential – as is steering clear of greenwashing accusations.

And, with many entities interconnected in a supply chain, the challenge of ensuring that not only your business is doing the right thing, but so too are all partners in the supply chain, is significant.

“The focus of ESG within the supply chain has shifted away from being a nice to have towards a must-do,” says Herron.

“Understanding green credentials from supply chain partners is imperative to ensuring cargo owners and carriers are monitoring their accountability within their ESG policies.”

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FEATURE / Supply Chain

HEAVY MOTOR INCIDENTS Paul Bressan, Heavy Motor Risk Engineer at NTI, says, for heavy motor domestically, contributing factor trends related to incidents appear to be heavily influenced by collisions with stationary objects or on-road third-party collisions due to driver distractions and concentration levels.

Meanwhile, poor and degrading road conditions, primarily in regional Australia, are also having a substantial impact on more regular servicing and maintenance costs.

The imminent advent of mandatory reporting on financial risks relating to climate change means this is now of monumental importance.

Rea says, “It’s important to not only understand the climate change financial exposures at a business’ own premises, but also to understand the climate-related financial exposures throughout the supply chain.

“For instance, if there is a single dependency on a supplier of one component to a business’ assembly plant, and that supplier is in a high flood zone, a major interruption at that third party location could have a significant impact downstream at the business’ distribution warehouse, impacting sales and customer satisfaction.

So, it’s important to not only understand a supplier’s ability to meet routine and continuous demand, but also whether there is an increased risk of a weather event to that facility, or the logistics route from there to the business.”

40 / INSURANCE ADVISER AUGUST 2023

Of course, as businesses look to adopt more environmentally friendly practices, other risks and challenges emerge.

“As we embrace these new technologies, there are increasing expectations regarding refuelling infrastructure, repair capabilities and maintenance services,” says Pasfield.

“To meet these demands, we are looking to improve the electric vehicle repair processes and enhance loss adjuster capabilities to accommodate these types of vehicles.

“Additionally, it is necessary as a business to address the expectations of contractors and consumers – as well as lobby groups – to ensure that we align with evolving environmental standards and customer preferences within the market.”

HELPING CLIENTS BUILD BUSINESS RESILIENCE

Of course, insurance is there as a backup, with risk mitigation strategies vitally

“THE ONGOING GEOPOLITICAL INSTABILITY, THE IMPACT OF INFLATION ON THE ECONOMY AND INCREASED STOCK HOLDING HAVE CONTRIBUTED TO A DOWNWARD SHIFT IN DEMAND.” – KURT HERRON, LOGISTICS RISK ENGINEER – MARINE, NTI important here to build business resilience – and brokers have a key role to play for both businesses operating in, and relying upon, supply chains.

James Butchart, Head of Marine at Zurich, says, “Often, a finished product will rely on several separate supply chains to get to its final state. Brokers need to discuss whether their customers have a Plan B should one of these supply chains break down to ensure their finished products are delivered on time.”

“Assess, prepare, communicate, test,” says Herron.

“Business continuity plans, business operation plans, extreme weather and emergency preparation plans, as well as succession planning (for smaller businesses) are all keys to business resilience.

“Understanding what is critical when issues arise and being able to execute these items will assist businesses in remaining strong into the future.”

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42 / INSURANCE ADVISER JULY AUGUST 2023 2023

FEATURE / Management Liability

GES OF

ENT

Changes to working arrangements as businesses ‘get back to normal’ are just the tip of the iceberg in management liability insurance.

By MARTIN WANLESS

NIBA.COM.AU / 43

FEATURE / Management Liability

W

orking from home has become an increasingly contentious subject for many businesses across the world. While some have embraced the trend – which was necessitated by the global pandemic – as an ongoing arrangement that benefits both the business and staff, others have been keen to get back to ‘business as usual’ as quickly as possible.

Commonwealth Bank hit the headlines recently when it ordered its 49,000 employees to work from the office for at least 50 per cent of their working week without consultation, with employees engaging their union to complain and initiate action.

And, as a result, employment practices liability is a hot topic in the world of management liability insurance at present.

“Employment practices is always an ongoing issue and something that I predict will get worse,” says Daniel Webber, Director, Webber Insurance Services in Kensington Park, South Australia.

“We’re seeing plenty of instances in the media where Fair Work is being brought 44 / INSURANCE ADVISER AUGUST 2023

SOCIAL ENGINEERING CLAIMS ARE BECOMING INCREASINGLY COMMON, AND IT IS IMPORTANT THAT BROKERS UNDERSTAND WHAT COVER IS AVAILABLE IN THE MARKET FOR THIS EXPOSURE. – KIRSTY OWENS, STATE MANAGER SA AND NATIONAL E-BUSINESS MANAGER, BERKLEY INSURANCE AUSTRALIA

into issues with changes to working arrangements – most notably, working from home – post-COVID. “It feels like there’s an adjustment period coming, and we might see situations where neither employer or employee/union will back down, and these issues will be challenged in court.”

It’s an interesting time for employment practices liability overall. With a low

unemployment rate and the much-talkedabout ‘war on talent’ meaning employment opportunities aren’t generally difficult to find – combined with a greater awareness of and focus on employee rights – employers need to tread cautiously.

“Employment laws and regulations are continuously changing and evolving, and employees are becoming more aware of their rights, leading to an increase in claims

“QPIB represents competence and the will to strive for excellence.”

ING IS

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QPIB

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

D PRAC IE T F I

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QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

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NCE BR

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FEATURE / Management Liability

against employers,” says Kate Greaves, General Insurance Manager at Goldsworthy.

“It is so integral as an employer to try and stay on top of and understand the legislative changes and amendments, which can be very difficult when you’re already so busy running a business.”

CYBER CONTINUES TO CAUSE HEADACHES

While the post-COVID return to work is a relatively new issue from an insurance perspective, online crime is one that’s now part of the risk management furniture – however, it does continue to be a significant threat.

“Social engineering claims are becoming increasingly common, and it is important

that brokers understand what cover is available in the market for this exposure,” says Kirsty Owens, State Manager SA and National e-Business Manager at Berkley Insurance Australia.

Webber agrees: “Social engineering continues to be a major problem, however, I would say that awareness has increased over the past couple of years.”

As always with cyber threats, strong risk management includes regular staff training and education to ensure cyber security stays front of mind – after all, the majority of cyber attacks rely on human error in order to gain access.

Owens says, “Brokers can help their clients implement risk management measures, such as robust security policies

EMPLOYMENT PRACTICES IS ALWAYS AN ONGOING ISSUE AND SOMETHING THAT I PREDICT WILL GET WORSE. –D ANIEL WEBBER, DIRECTOR, WEBBER INSURANCE SERVICES

46 / INSURANCE ADVISER AUGUST 2023

and procedures, to reduce the risk of compromise and increase the speed of recovery when a cyber event happens.”

INFLATIONARY PRESSURES – BUT ARE PRICE RISES SLOWING?

Of course, businesses are facing many challenges which potentially fall under management liability, with shareholder activism, corporate scandals, and regulatory scrutiny leading to a rise in expensive director and officer claims.

“They have put pressure on insurance carriers to assess risks, which ultimately increases pricing,” says Greaves.

Owens agrees: “Inflationary pressures result in increased claims costs for insurers, ultimately putting pressure on rates and retentions. We see this resulting both from economic inflation as well as social inflation, the trend of rising insurance costs due to increased litigation and higher awards.

“Insurers are seeking to offset these additional costs through technology and automation to streamline and expedite the underwriting process.”

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FEATURE / Management Liability

However, Webber is seeing signs the market is beginning to plateau.

“Premiums and deductibles have settled down over the past six months from where they were and it’s becoming more common to see 0-10 per cent premium increases on renewal.”

CONSTRUCTION INSOLVENCIES CONTINUE APACE

Naturally, this may differ from sector to sector, with construction businesses still creating headlines on a seemingly weekly basis.

“Insolvencies in Australia have been increasing in recent years and this is most evident in the building and construction industries,” says Owens.

“Although not the only cause, supply chain issues and inflationary factors have contributed to this crisis. We now see this spread to ancillary companies such as steel and brick suppliers, roofing contractors and the like. We expect robust risk assessment, including analysis of company financials, for building and construction risks will

continue for management liability risks in the immediate future.”

Overall, management liability offers brokers the opportunity to engage on a deeper level with clients and educate them on the risks their business actually faces – taking that position of trusted adviser rather than procurement.

Webber says, “If you compare management liability with some of the major classes of

insurance for SMEs – for example, professional indemnity, public liability or business pack, I’d say the majority of clients still don’t have a deep understanding of what the cover is and how it will protect their business.

“It’s also surprising the number of businesses that haven’t implemented basic risk management strategies, particularly for crime – however, this is certainly better than it was.”

EMPLOYMENT LAWS AND REGULATIONS ARE CONTINUOUSLY CHANGING AND EVOLVING, AND EMPLOYEES ARE BECOMING MORE AWARE OF THEIR RIGHTS, LEADING TO AN INCREASE IN CLAIMS AGAINST EMPLOYERS. –K ATE GREAVES, GENERAL INSURANCE MANAGER, GOLDSWORTHY

KATE GREAVES, GENERAL INSURANCE MANAGER AT GOLDSWORTHY, SHARES THESE THREE TIPS REGARDING THE HELP MANAGEMENT LIABILITY CLIENTS NEED AT PRESENT. Understanding coverage needs “Clients often struggle to understand and identify the risks and liabilities they may face as executives, directors, or managers.

They need help in understanding the coverage offered from different management liability insurance policies and determining the appropriate coverage limits to protect their personal assets and the company’s interests adequately.”

Understanding policy wordings “Management liability insurance policies can be lengthy and contain technical language, which makes it a challenge for clients to understand the terms and conditions. Insurance advisers play a crucial role in explaining policy wordings in plain language, helping clients understand what is covered and what is not.”

Managing costs “Management liability insurance can be a significant expense for businesses, especially for smaller organisations. Clients may need help understanding the importance of this coverage to meet their needs with budgetary constraints. Insurance advisers can assist in finding competitive and effective solutions without compromising fundamental coverage.”

48 / INSURANCE ADVISER AUGUST 2023

COMMUNITY HUB

COMMUNITY HUB AUGUST 2023

The COMMUNITY HUB is your space to showcase your products and services to a specialist audience.

INDEX AB Phillips ......................................................50 AIBI..................................................................... 51 Australasia Underwriting.......................... 51 QPIB................................................................... 51

Moran Insurance Brokers......................... 52 MGA Insurance Group.............................. 52 Affinity Insurance Brokers....................... 53 Newline Group............................................. 53

Wellington Underwriting......................... 54 Pollard............................................................... 54 QPIB.................................................................. 54 NIBA Advertising......................................... 55

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 Tony May E: tmay@niba.com.au

50 / INSURANCE ADVISER JULY 2023

COMMUNITY HUB

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

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Adult Industry Business Insurance

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) AIBI is a registered trading name of Thurston Insurance Brokers Pty Ltd. Thurston Insurance Brokers Pty Ltd is a Corporate Authorised Representative of McLardy McShane Partners Pty Ltd, Australian Financial Services Licence No 232987 ABN 14 064 465 309.

McLardy McShane Partners Pty Ltd is a member of The Steadfast Group.

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

“QPIB has never been more relevant than right now.”

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

IN

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S

QPIB Campaign Print.indd 5

D PRAC IE T IF

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QPIB – A STATEMENT OF PROFESSIONALISM

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– JORDYN GILBERT, 2019 WA YOUNG PROFESSIONAL BROKER OF THE YEAR

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NIBA.COM.AU / 51 8/8/2023 1:47 pm

COMMUNITY HUB

52 / INSURANCE ADVISER AUGUST 2023

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

Senior Underwriter – Liability

Underwriting Manager – PI

Underwriting Manager – D&O & FI

Phone: 03 9912 4021 Email: wclarke@newlinegroup.com.au

Phone: 03 9912 4017 Email: smullaly@newlinegroup.com.au

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 PO Box 16208 Collins St West VIC 8007 PH: 03 9999 1901 FAX: 03 9670 0045 newlinegroup.com.au info@newlinegroup.com.au NIBA.COM.AU / 43

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

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

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

“My QPIB designation gives my clients peace of mind that I’m a trusted professional.”

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

IN

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54 / INSURANCE ADVISER AUGUST 2023

D PRAC IE T IF

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QPIB – A STATEMENT OF PROFESSIONALISM

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– CRAIG ANDERSON, 2018 YOUNG PROFESSIONAL BROKER OF THE YEAR

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8/8/2023 1:52 pm

COMMUNITY HUB

BE PART OF NIBA

WE ARE YOUR VOICE Contact Tony May National Advertising Sales Manager E: tmay@niba.com.au NIBA.COM.AU / 55

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 24 July 2023.

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

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/STABLE

B++/STABLE

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

A+/STABLE

The Hollard Insurance Company Pty Ltd

A-/STABLE

Beneficial Insurance Limited

B++/STABLE

The New India Assurance Company Limited (Australia Branch)

B++/STABLE

Consumer Insurance Services 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

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.

56 / INSURANCE ADVISER AUGUST 2023

The Hollard Insurance Company Pty Ltd (New Zealand Branch) A-/STABLE 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/POSITIVE

S&P GLOBAL

AUSTRALIA

INSURER FINANCIAL STRENGTH RATINGS

AA-/STABLE

Achmea Schadeverzekeringen N.V.

A/STABLE

AIG Australia Limited

A/NEGATIVE

Allianz Australia Insurance Ltd.

AA-/STABLE

Allied World Assurance Co. Ltd.

A/STABLE

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+/STABLE

Great Lakes Insurance S.E (Australia Branch)

AA-/STABLE

Insurance Australia Ltd.

AA-/STABLE

Liberty Mutual Insurance Company Limited

A/STABLE

AA-/STABLE

Medical Insurance Australia Pty Ltd.

A-/STABLE

A/NEGATIVE

Mitsui Sumitomo Insurance Company Limited

A+/STABLE

NorthStandard Ltd.

A/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

QBE Insurance (International) Ltd.

A+/STABLE

Society of Lloyd’s

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 28 July 2023.

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

Sompo Japan Insurance Inc.

A+/STABLE

Factory Mutual Insurance Company

A+/STABLE

Southern Cross Benefits Limited

A/STABLE

Great Lakes Insurance SE

AA-/STABLE

Tokio Marine & Nichido Fire Insurance Co., Ltd.

A+/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

XL Insurance Company SE

AA-/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

IAG New Zealand Ltd.

AA-/STABLE

Medical Insurance Society Ltd.

A/STABLE

Mitsui Sumitomo Insurance Co. Ltd (New Zealand Branch)

A+/STABLE

NorthStandard Ltd.

A/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

Society of Lloyd’s

A+/STABLE

AIA Australia Ltd.

A+/STABLE

Southern Cross Benefits Ltd.

A/STABLE

Challenger Life Company Ltd.

A/STABLE

Southern Cross Pet Insurance Ltd.

A/STABLE

MetLife Insurance Ltd.

A+/STABLE

Teleco Insurance (NZ) Ltd.

BBB+/STABLE

REINSURERS

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

AA-/STABLE

Vero Liability Insurance Ltd.

AA-/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

HEALTH INSURERS NIB NZ Ltd.

A-/STABLE

Southern Cross Medical Care Society

A+/STABLE

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

A/STABLE

QBE Lenders’ Mortgage Insurance Ltd.

A/STABLE

LIFE INSURERS Asteron Life Ltd.

AA-/STABLE

Medical Life Assurance Society Ltd.

A/STABLE

NIB NZ Insurance Ltd.

A-/STABLE

REINSURERS HDI Global Specialty SE

A+ /STABLE

LENDERS MORTGAGE INSURERS Arch Lenders Mortgage Indemnity Ltd.

A/STABLE

Helia Insurance Pty Ltd.

A/STABLE

QBE Lenders' Mortgage Insurance Ltd.

A/STABLE

LIFE INSURERS

Aspen Insurance UK Ltd.

A-/STABLE

Berkley Insurance Company

A+/STABLE

General Reinsurance Australia Ltd.

AA+/STABLE

General Reinsurance Life Australia Ltd.

AA+/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

Hannover Rück SE

AA-/STABLE

HDI Global SE

A+/STABLE

HDI Global Specialty SE

A+/STABLE

Munchener Ruckversicherungs-Gesellschaft (Munich Reinsurance Co) AA-/STABLE Munich Reinsurance Co. of Australasia Ltd.

AA-/STABLE

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-/NEGATIVE

Swiss Re International SE

AA-/NEGATIVE

Swiss Re Life & Health Australia Ltd.

AA-/NEGATIVE

Transatlantic Reinsurance Company

AA+/STABLE

* See page 59 for S&P Global disclaimers and additional information

NIBA.COM.AU / 57

NIBA / Events

NIBA / UAC QUEENSLAND UNDERWRITING EXPO On 19 July, the Qld NIBA / UAC Underwriting Expo was held at the Brisbane Convention and Exhibition Centre. It was an extremely positive turnout, with 114 Exhibitors, the largest that Queensland has ever had, and a total of over 450 registered brokers who attended the Expo.

58 / INSURANCE ADVISER AUGUST 2023

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/code 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.

IA0722p58-60 Events Pictorial.indd 59

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.

WORKERS’ COMPENSATION WITHOUT THE COMPLICATION A simpler broker experience. That’s what you can expect from CGU Workers’ Compensation. You’ll deal with our specialised team end-to-end, across all functions including underwriting and claims. With reduced touchpoints, our process is less complex so together we can reach efficient outcomes for you and your clients.

To chat about Workers’ Compensation for your clients, contact your Broker Relationship Partner.

Always consider the policy wording available from the product issuer; Insurance Australia Limited, ABN 11 000 016 722 trading as CGU Insurance. This advice is general advice only and does not take into account a customer’s individual objectives, contractual obligations, financial situation or needs (‘personal circumstances’). CGU Insurance offers new Workers Compensation policies to customers in WA, TAS, NT and ACT only.