Insurance Adviser August 2024

AUGUST 2024

SHANE FITZSIMMONS AO AFSM HEADLINES THE 2024 NIBA CONVENTION Cover Story: RELIVE THE BEST MOMENTS OF THE 2024 NIBA GALA LUNCHES

Features: LEGACY IMPACT IN ACCIDENT & HEALTH TECH BECOMES A SUPPLY CHAIN ENABLER

WE ARE YOUR VOICE

The gold standard for claims excellence

Gold Mansfield for Claims Excellence – 5 years running At Vero, we continue to enhance our claims experience based on broker feedback.

By protecting customers at claims time, we help protect broker relationships.

That’s insurance with insight.

Visit vero.com.au/claims to find out more.

Insurance issued by AAI Limited ABN 48 005 297 807 trading as Vero Insurance. The information in this article is of a general nature only. Please make your own enquiries and/or obtain independent advice. Subject to any rights you may have under any law, we do not accept any legal responsibility for any loss or damage, including loss of business or profits or any other indirect loss, incurred as a result of reliance upon the information. Read the Product Disclosure Statement before buying insurance. The TMD is also available. Go to vero.com.au for a copy.

CONTENTS August 2024

ACN 006 093 849 ABN 94 006 093 849 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

E: editor@niba.com.au

National Partnerships Manager

FEATURES 10 SHANE FITZSIMMONS AO AFSM HEADLINES THE 2024 NIBA CONVENTION Join us in October for the flagship event of the insurance broking profession

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.

Image of Shane Fitzsimmons AO AFSM on the cover and the contents page are used with permission, and are copyrighted by Salty Dingo 2021.

18 RELIVE THE BEST MOMENTS FROM THE 2024 NIBA GALA LUNCHES Recognition and celebration of the best talent from our profession

NIBA.COM.AU / 3

CONTENTS August 2024

FEATURES 30

LEGACY IMPACT COVID-19 has had a lasting impact on accident and health insurance

IN EVERY ISSUE NIBA CEO Welcome..................................... 6 Representation ................................................ 7 Member Benefits ........................................... 14

40

Insure Your Future ....................................... 16

HOW TECH IS BECOMING A SUPPLY CHAIN ENABLER

EVENTS Upcoming Events ......................................... 15

Used effectively, technology can help manage risks more effectively

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

DISPLAY ADVERTISING INDEX – AUGUST 2024 Vero.......................................................... IFC

BAIS............................................................. 13

Code of Practice....................................39

Allianz............................................................5

GT Insurance...........................................33

Point Insurance.......................................43

NAB............................................................... 8

Ebix............................................................. 35

BMIA...........................................................45

McLardy McShane.................................. 9

Liberty Special Markets...................... 37

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 AUGUST 2024

From the track to the field, we’re ready to cheer on Team Australia at Paris 2024.

Allianz is the Worldwide Insurance Partner of the Olympic and Paralympic Games and has been insuring Aussie businesses for over 100 years.

Before buying, read the PDS. Go to our website for a PDS and TMD. Allianz Australia Insurance Limited ABN 15 000 122 850.

CEO / Welcome

LOOKING AHEAD

L

ast month, we wrapped up our NIBA Gala Lunches.

With around 2,500 attendees across five states, it showcased a large and powerful NIBA community that’s extremely engaged, not just with all things that have to do with NIBA, but also when it comes to serving clients and the broader role that we play as a profession in the marketplace.

You can take a trip down lane in this month’s Cover Story as we relive some of the highlights from the Gala Lunches.

My warmest congratulations to all the finalists and I wish the best of luck to the state winners who have proceeded to be in the running to win the national Young Broker of the Year and the national Broker of the Year. The national winners shall be announced at the 2024 NIBA Convention in October at the Adelaide Convention Centre.

We’ve done a number of submissions as the voice of the profession to government. The NSW government has announced that it aims to introduce significant reforms to the strata management sector. NIBA has provided a submission as part of the consultation process supporting the reforms.

Recently, a review was announced into the NSW Home Building Compensation Fund and NIBA has extended its support for the review. Home warranty insurance plays a critical role in safeguarding Australians. NIBA is committed to working closely with the government throughout this review process. We look forward to contributing our expertise and insights to help shape a more effective and sustainable home warranty insurance framework for the benefit of all.

We’re very close to commencing our Code review and that’s going to be a very important conversation. The Code is a really important step for us as it demonstrates our commitment to self-regulation.

We’ve launched the 2024 edition of the NIBA Mentoring Program this month. Thank you to all the mentors and a big welcome to the mentees who have joined us over this 12-week program.

We’ve also commenced the search for this year’s Sedgwick-partnered Claims Broker of the Year, to recognise a NIBA member who has excelled in claims management.

We’re also on the lookout for the Liberty Specialty Marketspartnered Community Excellence Member of the Year,

6 / INSURANCE ADVISER AUGUST 2024

shining a spotlight on those who go above and beyond in giving back to the community. The winners of both these awards shall be revealed at the Convention.

And that brings me to our flagship event – the upcoming 2024 NIBA Convention. Preparations are well underway for what will undoubtedly be a standout affair. We’re delighted to welcome Shane Fitzsimmons AO AFSM, who will join us to give a Special Keynote Address.

Shane served as the inaugural Commissioner of Resilience NSW from May 2020 to December 2022, an organisation established as the lead agency for disaster recovery with a focus on social, economic, infrastructure and environmental outcomes. This appointment followed a distinguished career with the NSW Rural Fire Service (NSW RFS) of over 35 years.

We look forward to welcoming you at the 2024 NIBA Convention in Adelaide come October.

RICHARD KLIPIN Chief Executive Officer, NIBA

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.

DELIVERING BETTER FINANCIAL OUTCOMES AND OTHER MEASURES BILL

Early last month, the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 passed in Parliament. The passing of this Bill marks a significant step in addressing the recommendations of the Quality of Advice Review.

The Bill introduces commission disclosure and consent provisions for insurance brokers who provide personal advice to retail clients. This obligation will commence from 10 July 2025. NIBA will work with members over the coming months to support the transition.

Following the passing of the legislation, Assistant Treasurer and Minister for Financial Services, Stephen Jones (pictured), issued a statement on the progress of tranche two of the reforms which includes the modernised best interests duty, changes to Statements of Advice, and the introduction of a new class of financial adviser. In the statement, the Minister advised that legislation to enact the reforms would be developed over the remaining half of the year.

STRATA MANAGING AGENTS LEGISLATION AMENDMENT BILL 2024

Following the announcement of the government’s intent to introduce significant reforms to the strata management sector, the NSW Government held a targeted consultation on the draft Strata Managing Agents Legislation Amendment Bill.

The proposed new laws will increase penalties for agents who fail to disclose commissions, strengthen conflict-of-interest

disclosure requirements, and ban agents from receiving a commission on insurance products when they are not actively involved in the placement of insurance.

NIBA provided a submission to the consultation supporting the reforms. The legislation is expected to be introduced to parliament sometime this month.

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

NIBA.COM.AU / 7

ADVERTORIAL / NAB

HOW NAB IS WORKING WITH MCLARDY MCSHANE TO SUPPORT CONTINUED GROWTH AND SUCCESSION IN A SIMPLE WAY

G

rowing an insurance broker to span multiple generations requires a supportive banking partner that goes beyond traditional banking services.

McLardy McShane found a likeminded business partner in NAB, offering a relationship first approach and a fresh perspective to supporting future growth of the firm.

McLardy McShane began in 2007 when Don McLardy and Mike McShane merged their respective insurance businesses.

Starting out in regional Victoria, the business quickly grew and by the end of 2023s financial year it had just over $600 million in group premium income and over 70,800 clients within the group.

Don McLardy CEO and Director of McLardy McShane says the business’ success has largely been down to longterm relationships.

“Our growth all comes down to referrals and how we interact with our team and our clients - people and relationships are the heart and soul of everything we do,” Mr McLardy says.

Banking success starts with relationships When McLardy McShane partnered with NAB in 2023, NAB took the time to listen and properly understand the journey the insurance broker was on.

“NAB took a very forensic approach to really get a feel for who we are, what we stand for, and where we are going as a business,” says Mr McLardy.

“Everyone we have dealt with from CEO Andrew Irvine, through to relationships managers and banking specialists has invested time to understand our business and the structures behind it.”

NAB’s Professional Services banking executive Adam Holster said the strong alignment of values with McLardy McShane helped get the relationship off to a flying start.

“Insurance brokers could be forgiven for thinking they have limited options for financing growth. By building on our strong working relationship, we’ve been able to offer McLardy McShane a fresh perspective on how to support the growth and succession aspirations of the business.

“This encompasses a holistic solution that supports the personal wealth creation and protection of business owners and their people.”

Setting up business for future success Following strong organic growth over the past 17 years, the firm’s existing debt structure has prevented McLardy McShane from fully achieving its objectives.

“When NAB came in, they stripped out the complexity in our debt structure, helping us to focus on future growth of the business in a sustainable way,” Mr McLardy says.

Mr Holster says that its simplification and streamlining processes offer insurance businesses a tangible and compelling way forward.

“A straightforward industry deserves straightforward solutions and NAB’s specialist bankers and sector expertise is perfectly

positioned to support insurance businesses.

“Our aim is to strike the right balance between supporting the short-term performance and long-term strategy of growth and we do this responsibly and sustainably to ensure any future risks are considered and mitigated,” Mr Holster explains.

“Of course, brokers are well-versed on the importance of managing risk. Options like term, rate, amortisation profile all matter in allowing a business to balance its short and long-term objectives – particularly those around M&A and succession.”

NAB’s partnership with McLardy McShane extends beyond the businesses growth plans and is now focusing on succession planning to support and motivate the next generation of talent in the business.

“We’re typical founders and highly invested in the business and will be for a long time.

However, we want to reward our younger people and ensure our business remains with the people who have given so much to McLardy McShane,” Mr McLardy notes.

“With the support of NAB, we can structure deals for our staff which allows them to purchase a slice of equity in our business. This will help secure McLardy McShane’s long-term future.”

When it comes to facilitating future growth, Mr Holster encourages brokers to think outside of the box.

“Businesses who challenge their status quo have a lot to gain, so seeking a fresh perspective around financing can often deliver simpler and more sustainable outcomes.”

If you’d like to find out more about NAB’s specialised banking services, go to

nab.com.au/insurancebroking

8 / INSURANCE ADVISER AUGUST 2024

AUTHORISED REPRESENTATIVE | JOINT VENTURE BRANCH | EMPLOYEE OPPORTUNITIES

NIBA / Convention

SHANE FITZSIMMONS TO HEADLINE THE 2024 NIBA CONVENTION We are thrilled to announce that Shane Fitzsimmons, AO AFSM, will be headlining the 2024 NIBA Convention. In a special keynote address, the 2021 NSW Australian of the Year will share his experience of battling the deadly Black Summer bushfires and lessons in building resilience that he’s acquired, having over three decades of emergency management experience.

Whether it’s bushfires or floods, brokers play an important role in helping communities get back on their feet in the aftermath of natural disasters.

Join us from 20-22 October at the Adelaide Convention Centre to hear

Shane’s invaluable insights on building community resilience, keeping our communities safe, and making a positive impact in times of crisis.

With 51 speakers, 21 sessions, around 800 delegates, 15 partners and over 65 exhibitors attending, grab this opportunity to learn, share, connect, celebrate, and explore the key future trends shaping our profession.

Our Early Bird offer expires at the end of August. Whether you’re a Young Professional (under 35), booking as part of a group, or just looking to secure a single seat, register today and save.

Shane Fitzsimmons AO AFSM

OTHER PROGRAM HIGHLIGHTS GET INSPIRED BY OUR TRAILBLAZING KEYNOTE SPEAKERS The world is evolving faster than any of us can anticipate. What will effective leadership look like in this new world? Emma Isaacs, CEO of Business Chicks and journalist and author Andrea Clarke will share important strategies to build resilience and adapt to the future of work.

Emma Isaacs

Andrea Clarke

FOUNDER AND GLOBAL CEO OF BUSINESS CHICKS

FOUNDER OF FUTURE FIT, JOURNALIST AND AUTHOR

SCAN THE QR CODE TO REGISTER! Secure your seat at the 2024 NIBA Convention.

10 / INSURANCE ADVISER AUGUST 2024

NIBA / Convention

AI DISRUPTORS TAKE THE STAGE IN A SHARK TANK STYLE PITCH COMPETITION Prepare to be captivated as we unveil a lineup of Insurtech disruptors, each poised to provide market solutions to enhance the way brokers operate. At this session, moderated by Simone Dossetor, CEO, Insurtech Australia, a series of innovative insurtech companies, already operating in the Australian market, will take the stage to pitch their AI-powered solutions live!

DECODING CLIENT EXPECTATIONS Gain insights into mastering client satisfaction by understanding and exceeding their expectations. Led by Oren Jacobi, Founder of Insurance Training Australia, explore effective strategies and tools to align your business practices with client needs.

Simone Dossetor CEO, INSURTECH AUSTRALIA

Oren Jacobi FOUNDER, INSURANCE TRAINING AUSTRALIA

GALA DINNER AND AWARDS CELEBRATE INDUSTRY EXCELLENCE AT THE 2024 NIBA GALA DINNER AND AWARDS The wider insurance industry and the broking profession will come together to celebrate excellence, shining a spotlight on the best performers over the past 12 months.

Join us as we reveal the winners of the 2024 Insurer Awards – the Large General Insurer, the Specialty Insurer of the Year and the Underwriting Agency of the Year.

SCAN THE QR CODE TO REGISTER! Secure your seat at the 2024 NIBA Convention.

NIBA.COM.AU / 11

NIBA / Convention

THANK YOU TO OUR SPONSORS AND EXHIBITORS PRINCIPAL PARTNERS

WELCOME EVENT

GELATO BAR

OPENING SPEAKING SPONSOR

ESPRESSO BAR

SUNRISE WALKS

WRITING PAD & PENS SPONSOR

RECHARGE LOUNGE

BANKING SPONSOR

EXHIBITORS

12 / INSURANCE ADVISER AUGUST 2024

MARKETPLACE HAPPY HOUR NETWORKING

NIBA / Convention

NIBA.COM.AU / 13

NIBA / Member Benefits

GET TO KNOW THE NIBA YP COMMITTEE CHAIRS

JODIE KRAFFT JOB TITLE: Account Executive, WTW and NIBA Qld YP Committee Chair

Why does NIBA matter to me?

NIBA’s pillars of professionalism, community and representation underpin the direction of the initiatives and work which is undertaken as an organisation.

These pillars are encompassing of key matters to insurance brokers.

Importantly, and most difficult for individual companies to achieve, is NIBA’s extensive representation of the profession.

The vast diversity of committee members around Australia which feed information back to the head office and board is extraordinary.

NIBA is the voice of all member insurance brokers, advocating for the profession to government, experts and insurers. NIBA is focused on issues which currently impact the profession, and the businesses and individuals which we support, as well as planning for the future.

14 / INSURANCE ADVISER AUGUST 2024

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

I’m a strong advocate for bringing new talent into the profession. I’m passionate about what this profession offers as a career and the meaningful impact we make on peoples’ lives.

When the concept of having a committee focused on attracting young and new talent to the profession was raised, later called Insure Your Future (IYF), I knew it was something I wanted to be part of. I joined the IYF committee and had the pleasure of working with equally passionate people to bring IYF to life as a published initiative.

I highly recommend everyone follows and shares the IYF content and engages in the activities which will undoubtedly occur over time. So often we hear of people “falling into insurance”, but if each person in the profession takes small steps in promoting insurance broking as a career to choose, this narrative will shift over time.

What is something you’re proud of having accomplished in your role as Qld YP Committee Chair?

During the peak of COVID-19, the NIBA

Young Professionals (YP) Committee in Queensland became relatively dormant. When I was elected as Chair by my committee peers in August 2022, I immediately went to work on re-building the size and diversity of the committee. In conjunction with this, in just three months, I spearheaded the organising, launching and hosting of our first event in years.

Since then, the committee has gone from strength to strength. We’ve connected people with each other and with education opportunities; having sold out numerous social and educational events.

The passion and quality of people who have joined the committee since my time as Chair is something I’m proud of. Being on the committee is voluntary and with people already trying to juggle life and work, adding another role to the list can be difficult. I’ve noticed a change from when I started as Chair until now, that we are not struggling to find people wanting to join the committee, instead people are knocking on our door. I think this is a testament to the committee in terms of what we deliver to the insurance broking profession, and the community that we have been re-building since COVID-19.

NIBA SAYS CONGRATULATIONS NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR RECEIVING THEIR QPIB DESIGNATIONS Kay Jackson, Simplex Insurance Solutions Ryan Benson, Albany District Insurance Brokers Anthony Arcangel, AMC Insurance Brokers

NIBA / Events

NIBA’S UPCOMING STATE EVENTS NIBA hosts various educational and social events across Australia for the intermediated insurance community.

CHECK OUT NIBA’S UPCOMING EVENTS Scan this QR Code to register for the upcoming state events.

QUEENSLAND

NIBA Qld Cyber Seminar

NIBA Townsville Meet and Greet

Gain a deeper understanding of how to assist and inform clients in preventing and managing cyber risk. Leading experts will provide participants with an integrated and comprehensive approach and understanding of cyber risk management, policies and important insights.

Venue: The University of Queensland CPD Points: 2 CPD points Tickets: NIBA Members: $25 + GST Non-Members $35 + GST

AUG

15

VICTORIA

This Meet and Greet event offers participants the rare opportunity to share ideas and discuss industry hot topics and trends in the premierdestination, City Lane. As a result, we hope to gauge interest in regional Queensland and measure the appetite for NIBA lead educational and networking events.

Venue: The Taphouse – City Lane Tickets: Pay your own way

NIBA Wollongong Member Update & Networking Function

In recognition of R U OK? Day, the NIBA Vic Committee is proud to host a seminar by mental health charity “WalkWith Me”, inspired by former AFL player, Corey McKernan. Hear Corey’s story as he takes you through the challenges he faced as an injured athlete and his recovery journey.

CPD: 1 CPD point Tickets: NIBA Members: $15 + GST Non-Members $20 + GST

05

NEW SOUTH WALES NIBA Vic It’s Okay Not to be Okay Seminar

Venue: Marsh Office

SEP

SEP

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Join other industry professionals and receive the latest updates on key initiatives at the Wollongong Member Update & Networking Function. Current trends and hot topics will be explored followed by a 4-person panel where participants will have an opportunity for some Q&A and thought-provoking discussions.

Venue: Illawarra Hotel CPD Points: 2 CPD points Tickets: NIBA Members: $15 + GST Non-Members $20 + GST

SEP

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NIBA / Member Benefits

Empowering working parents NIBA is proud to present a first-of-its-kind initiative to promote insurance broking as a career of choice, Insure Your Future.

A vital strategy in today’s workforce In a time of global talent shortages, industries like ours are

top talent but also foster a workplace where every individual

rethinking recruitment practices to meet evolving demands.

can thrive.

Organisations have had to become more flexible, welcoming part of the research behind ‘Insure Your Future’, we have The As aim of the initiative is to promote interviewed individual employees and had discussions with insurance broking as a career, attract more others to consider these opportunities. several firms on how they are supporting their employees. people into the profession and increase Read on as we explore how prioritising the needs of working resources and available We recognise the immense value of working parents in our parents not onlyinformation benefits our industry but sets a about standard for the profession. workforce. This demographic is often overlooked despite inclusive and sustainable business practices. diverse candidates and new ways of working. We aim to

highlight the benefits of embracing flexibility and encourage

its wealth of experience and dedication, simply because of their need for certain flexibilities or different working

Attracting a diverse workforce: NIBA’s dedicated Insure Your Future Effective recruitment begins with job advertisements Committee will keep you updated on the that areprogress. inclusive of working parents. Businesses should project’s

arrangements. They represent an untapped resource crucial for organisational growth and resilience.

prioritise understanding the core responsibilities of the

By embracing flexible working arrangements, supportive policies, and inclusive cultures, we can not only attract

role to determine if it can support part-time, school-hour, or have job-share arrangements. goal iswe notshould merely include? to Do you ideas or thoughtsThe on what Have you seen something similar being done well elsewhere?

Or do you just want to find out more about the initiative and how you can get involved?

Please email info@insureyourfuture.com.au or contact your state NIBA Committee representative.

16 / INSURANCE ADVISER AUGUST 2024

insureyourfuture.com.au

Building an inclusive culture a tneserp ot duorp si ABIN Empathy and flexibility are crucial in creating a supportive and ot evitaitini dnik-sti-fo-tsrfi This flexible approach to candidate profiles has enabled inclusive workplace culture. Understanding and addressing g n i k o r b e c n a r u s n i e t o m o r p diverse needs of employees, particularly working parents, the organisations we interviewed to successfully onboard the talented individuals who work,e reduced ciohhours c foor rshare eerroles, ac a snot a only enhances empathy but also boosts productivity. thereby broadening their talent pool. .erutuF ruoY erusnI condense a full-time position into fewer hours, but rather to customise it to suit the diverse needs of the workforce.

By prioritising flexibility and inclusivity, organisations not only

Flexible or agile working arrangements

enhance their talent acquisition strategies but also nurture

Promoting a blend of office and remote work, flexibility

resilient and supportive workplaces. This emphasis on work-

in start and finish times helps accommodate personal

etomorp ot si evitaitini eht fo mia ehlife T balance and well-being resonates deeply with working parents, making these industries more attractive and inclusive. erom tcartta ,reerac a sa gnikorb ecnarusni interview with Lachlan, a Client Manager, he detailed how esaercni dna noisseforp eht otni elpoeThe p critical support provided by team leaders and managers this approach to working has not only benefited his family t u o b a e l b a l i a v a n o i t a m r o f n i d n a s e c r u o s e r but also his own happiness. becomes evident during times requiring additional flexibility .noisseforp ehdue t to specific circumstances. Laurena's experience as an commitments such as school drop-offs or pickups. In an

Account Executive vividly illustrates this:

“Being able to and erassist utuFwith ruodrop-offs Y erusn I dpick-ups etacided s’ABIN duringethe our ht week no dhas etabecome dpu ucrucial oy penot ekonly lliwforee ttimmoC

household's daily operations, with my.wife sserreturning gorp s’tcejor“As p a working mum in an office job, I often find myself as the to work, but also for my personal well-being as I strive

primary caregiver when my children are sick or unexpected

to be present for my kids. Thanks to the support from

events arise. I deeply appreciate the understanding and

my of my employer and colleagues. They enable me to ?ecompany, dulcni dluI ocan hs enow w taachieve hw no sthis thguflexibility, oht ro saeeven di evah uoy osupport D

?iferitemeans hweslelogging llew enoback d gnon iebafter ralimtheir is gnbedtime ihtemosto nefinish es uoy evaprioritise H my family when needed, whether by adjusting my d n a e v i t a i t i n i e h t t u o b a e r o m t u o d n i f o t t n a w t s u j u o y o d r O up emails or tasks.” work hours or telecommuting during challenging times.” ?devlovni teg nac uoy woh ruoy tcatnoc ro ua.moc.erutufruoyerusni@ofni liame esaelP .evitatneserper eettimmoC ABIN etats

Get Involved!

Is your business championing diversity with innovative agile working policies that support employees with families? We want to hear from you!

If you have insights or experiences to share, please email Edgard Diaz – Head of Marketing and Events, at ediaz@niba.com.au to schedule a discussion today.

You can keep up to date with the work of ‘Insure Your Future’ by following us on LinkedIn. Visit our website at insureyourfuture.com.au Register your business on our Employer Directory where we connect potential talent with NIBA members.

ua.moc.erutufruoyerusni

COVER STORY / NSW Gala Lunch

Recap:

2024 NSW Gala Lunch

N

IBA is thrilled to announce the winners of the Vero partnered 2024 NSW/ACT Young Broker of the Year award and the CGUpartnered 2024 NSW/ACT Broker of the Year award. The awards were announced as part of the 2024 NIBA NSW Gala Lunch, attended by over 500 professionals at the Fullerton Hotel on Wednesday, 10 July.

The Vero-partnered 2024 NSW/ACT Young Broker of the Year was awarded to Emily-Rose Srbinovska from Austbrokers Canberra. Supported by Vero for over three decades, this award recognises the contributions of an outstanding broker under the age of 35.

The CGU-partnered 2024 NSW/ACT Broker of the Year was awarded to Matthew Bates from Bell Partners Insurance. Supported by new partner CGU, this award recognises the contributions of a standout senior broker who has helped elevate the standards of the profession through their practice.

NIBA CEO Richard Klipin offered his congratulations to the NSW/ACT winners and finalists, adding: “NIBA would like to congratulate all the NSW/ACT state finalists and wish Emily-Rose and Matthew the best of luck for the national awards.”

Yusuf Alexander, Vero’s State Distribution Manager for NSW/ACT said, “Emily-Rose’s passion for the industry and dedication to her clients were evident throughout the selection process. Her involvement in professional development and mentoring peers highlights her leadership qualities. We are proud to support brokers like Emily-Rose who represent the very best of the profession.”

Pegah Vaghaye, Executive Manager Broker Relationships CGU said, “On behalf of CGU, I’d like to congratulate Matthew as this year’s NSW/ACT Broker of the Year state winner. His expertise and integrity as a standout senior broker are why CGU is proud to champion broker ambition.”

Emily-Rose and Matthew will go on to compete at the national awards.

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

18 / INSURANCE ADVISER AUGUST 2024

COVER STORY / NSW Gala Lunch

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

NIBA.COM.AU / 19

COVER STORY / WA Gala Lunch

Recap:

2024 WA Gala Lunch

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IBA is thrilled to announce the winners of the Vero-partnered 2024 WA Young Broker of the Year award and the CGU-partnered 2024 WA Broker of the Year award.

The awards were announced as part of the 2024 NIBA WA Gala Lunch, attended by over 500 professionals at the Crown, Perth on Friday, 12 July.

The Vero-partnered 2024 WA Young Broker of the Year was awarded to Nikita Willis from Knightcorp Insurance Brokers. The CGU-partnered 2024 WA Broker of the Year was won by Chelsey Harris from EBM Insurance & Risk.

The Young Broker of the Year and the Broker of the Year awards celebrate the outstanding contributions of brokers under the age of 35 as well as senior brokers respectively to the profession and the wider Australian community.

NIBA CEO Richard Klipin offered his congratulations to the WA winners and acknowledged the finalists, adding: “NIBA congratulates Nikita and Chelsey for their fantastic achievement, wishing them the very best of luck for the national awards in October.”

“I would also like to acknowledge the efforts of all the finalists in how they’ve gone above and beyond for their clients and the impact they’ve made in giving back to the community,” Klipin added.

Shane Butcher, Vero’s State Distribution Manager for WA said, “Nikita stood out in this year’s competitive field, showcasing remarkable commitment to her clients, colleagues and the broking profession. Her involvement in community activities and her drive advocating for small businesses make her a deserving winner. Vero is a firm believer in nurturing the next generation of broking leaders, which is why we will continue to support young professionals like Nikita.”

Dustin Bartley, EM Workers’ Compensation, CGU said, “CGU congratulates Chelsey as this year’s WA Broker of the Year state winner. Chelsey’s commitment to helping elevate the standards of the insurance broking profession is why CGU is proud to partner with NIBA for the Broker of the Year award.”

Nikita and Chelsey will go on to compete for the national Young Broker and Broker of the Year awards.

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

20 / INSURANCE ADVISER AUGUST 2024

COVER STORY / WA Gala Lunch

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

NIBA.COM.AU / 21

COVER STORY / Qld Gala Lunch

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

22 / INSURANCE ADVISER AUGUST 2024

COVER STORY / Qld Gala Lunch

Recap:

2024 Qld Gala Lunch

T

he state winners for the 2024 Qld Young Broker of the Year and the Broker of the Year awards have been announced by NIBA The awards were presented as part of the 2024 NIBA Qld Gala Lunch on Wednesday, 17 July at the Royal ICC in Brisbane to a packed room of almost 400 professionals.

The Vero-partnered 2024 Qld Young Broker of the Year award was awarded to Jodie Krafft from WTW, and the CGU-partnered 2024 Qld Broker of the Year award was won

by Kieran Volpe from North Queensland Insurance Brokers.

The Broker of the Year award and Young Broker of the Year award celebrate high standards of professionalism and represent the pinnacle of achievement in the insurance broking profession for senior brokers and those under 35 years of age respectively.

NIBA CEO Richard Klipin congratulated the winners, adding: “The awards are an integral part of recognising and celebrating the standout talent that’s present in the broking profession. I wish Jodie and Kieran all the best for the upcoming national awards in October and would like to congratulate all the finalists for their commitment and dedication towards the profession.”

Peter Roberts, Vero’s State Distribution Manager for Qld said, “Jodie has consistently proven to be an outstanding advocate for her clients. Her dedication to professional development and passion for the insurance industry are truly commendable. Jodie is an inspiration to her peers, and we are proud to provide ongoing support to exceptional brokers like her.”

Madi Ward, Broker Principal, CGU said, “On behalf of CGU, Sam and I congratulate Kieran, the winner of this year’s Qld Broker of the Year award. This award recognises those who have made a significant impact to their customers and local communities, and we’re pleased to acknowledge Kieran’s efforts in meeting and exceeding his customer’s needs.”

Jodie and Kieran will now go on to compete in the national awards.

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

NIBA.COM.AU / 23

COVER STORY / VIC Gala Lunch

Recap:

2024 Vic Gala Lunch

N

IBA has unveiled the Victorian/Tasmanian region winners of the Vero-partnered 2024 Young Broker of the Year award and the CGU-partnered 2024 Broker of the Year award, which recognise excellence in the insurance broking profession.

Steven Richards from RSM Group was awarded the Vic/Tas Young Broker of the Year award, while Abbie Wilson from National Insurance Brokers claimed the Vic/Tas Broker of the Year award at the 2024 NIBA Vic Gala Lunch on 19 July at the Sofitel in Melbourne in the presence of over 450 professionals.

The two Vic/Tas winners will now go on to compete nationally.

NIBA CEO Richard Klipin congratulated the winners of the Vic/Tas awards, adding: “I congratulate Steven and Abbie, and would like to acknowledge all the finalists who have demonstrated a strong commitment to professionalism and ongoing improvement.

“The award process continues to unearth the great talent from within the broking industry and shine a light on their achievements,” Klipin added.

The 2024 Vic/Tas Young Broker of the Year award, partnered by Vero, recognises the broking industry’s rising stars under the age of 35.

Megan Lewis, Vero’s State Distribution Manager for Vic/Tas, said: “Steven has demonstrated exceptional leadership and a deep passion for the insurance profession.

His innovative thinking and willingness to go above and beyond for his clients set him apart. Brokers like Steven exemplify why we continue to support young professionals in our industry.”

The 2024 Vic/Tas Broker of the Year Award, partnered

by CGU, goes to an individual senior broker who is a role model for the broking community, demonstrating excellence in broking practice and client advocacy.

Damien Gallagher, EGM CGU, said: “On behalf of the CGU team, I’d like to congratulate Abbie on winning this year’s Vic/Tas Broker of the Year Award. With her dedication to client advocacy Abbie has set a very high standard, and we commend her for her broking achievements.”

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

24 / INSURANCE ADVISER AUGUST 2024

COVER STORY / VIC Gala Lunch

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

NIBA.COM.AU / 25

COVER STORY / SA Gala Lunch

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

26 / INSURANCE ADVISER AUGUST 2024

COVER STORY / SA Gala Lunch

Recap:

2024 SA Gala Lunch

T

he winners of Vero-partnered 2024 SA/NT Young Broker of the Year award and the CGUpartnered 2024 SA/NT Broker of the Year award have been announced by NIBA. These awards represent the pinnacle of achievement by younger brokers under the age of 35, as well as senior brokers elevating the standards of the insurance broking profession.

The Vero-partnered 2024 SA/NT Young Broker of the Year award was awarded to Lachlan Birrell from Aon and the CGU-partnered 2024 SA/NT Broker of the Year award was won by Will Laundy from Pillar Brokerage at a packed house at the Adelaide Oval, in the presence of almost 500 professionals.

NIBA CEO Richard Klipin congratulated Lachlan and Will and highlighted that the achievements of the SA/NT award winners are an indication of the depth of talent in the broking profession.

“The awards are an excellent platform to celebrate the achievements of the standout talent in the broking profession,” said Klipin.

“I congratulate all the finalists for their commitment to professionalism and wish Lachlan and Will the best of luck for the upcoming national awards in October,” Klipin added.

Karen Thomas, Vero’s Executive Manager, Commercial Insurance for SA/NT, said: “Lachlan has built an impressive career with a strong focus on client advocacy and professional growth. His commitment to high standards and community involvement is commendable. Brokers like Lachlan are the reason that Vero has been a proud supporter of NIBA’s Young Professionals for more than three decades.”

Darren Virgo, Broker Principal CGU, said: “On behalf of CGU, Jonathan and I would like to congratulate Will on winning this year’s SA/NT Broker of the Year award. Will has been recognised for his dedication to client advocacy and technical excellence, and we at CGU look forward to seeing what he achieves next.”

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

NIBA.COM.AU / 27

COVER STORY / Meet the State Winners in October

Meet the State Winners of the 2024 Young Broker of the Year and Broker of the Year Awards at the NIBA Gala Dinner

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

28 / INSURANCE ADVISER AUGUST 2024

COVER STORY / Meet the State Winners in October

The national winners of the Vero-partnered Young Broker of the Year and the CGU-partnered Broker of the Year will be revealed at the 2024 NIBA Convention in October. The national winner of the Young Broker of the Year award will also receive a tailored professional development experience valued at up to $10,000, courtesy of Vero.

The national winner of the Broker of the Year award will also be a beneficiary of an incredible opportunity to attend a NYU Stern Business School short executive course including flights, seven nights’ accommodation, and a quintessential New York experience in the autumn of 2025.

FIND OUT WHO IS CROWNED THE NATIONAL BROKER OF THE YEAR AND YOUNG BROKER OF THE YEAR AT THE 2024 NIBA CONVENTION. SCAN THE QR CODE TO SECURE YOUR SEAT NOW

NIBA.COM.AU / 29

FEATURE / Accident & Health Insurance

LEGACY IMPACT Yes, we’re all sick and tired of talking about the pandemic – but it’s had a lasting effect on accident and health insurance. And a number of those effects are pretty positive.

By MARTIN WANLESS

30 / INSURANCE ADVISER AUGUST 2024

FEATURE / Accident & Health Insurance

NIBA.COM.AU / 31

FEATURE / Accident & Health Insurance

I

f there’s one area of the industry where the pandemic has left a lasting mark, it’s accident and health insurance.

The impact of COVID-19 was immense, and not something many of us had previously considered. Now, it’s a distinct possibility.

“The pandemic has left an impact on the market, with most insurers now more aware and perhaps more sensitive to the risks associated with leisure travel extensions within corporate products,” says Nicole Yates, Head of Accident & Health, General Insurance, Zurich Australia & New Zealand.

“Once an unrated extension to a corporate policy, leisure travel is now a specific underwriting consideration for many insurers.”

The current geopolitical tensions are also causing concern.

“Offshore, increasing geopolitical tensions and growing lists of sanctioned countries make overseas exposures challenging for underwriters,” says Jade Somers, Head of Accident & Health, QBE Australia Pacific.

“Underwriters need to have rigorous controls in place to ensure compliance with laws and regulations, and that the coverage is appropriate for the type of travel being undertaken, which means asking more questions about overseas risks.”

32 / INSURANCE ADVISER AUGUST 2024

And the impact isn’t just confined to travel cover. Evolving working arrangements and employees’ own awareness of their health and safety risks are also impacting the sector.

John Dimos, Head of Sales and Distribution Partnerships at Tokio Marine Australasia, who own AHI, says, “Not only does the COVID-19 pandemic continue to impact us with ongoing infection rates, but more significantly for brokers and their clients, it’s the employee hyper-awareness on personal health and safety that raises expectations on organisations.

“Society now places moral, ethical and legal responsibility on employers to have appropriate risk management strategies in place – not just in the workplace but also catering for the significant percentage of workers with flexible and/or work from home arrangements.”

ECONOMIC PRESSURES RAISE CONCERN – AND AWARENESS

Of course, the economy is a major factor in pretty much every financial decision today, including purchasing insurance.

However, while stories of rising premiums leading to cover compromises have been many, in the accident and health space,

“THIS INCREASES PRESSURE ON BROKERS TO UNDERSTAND THEIR CLIENT’S EXPOSURE AND KNOW HOW ACCIDENT AND HEALTH PRODUCTS CAN PROTECT EMPLOYERS AND EMPLOYEES TO ENSURE COVER IS ALIGNED ACCORDINGLY.” – JOHN DIMOS, HEAD OF SALES AND DISTRIBUTION PARTNERSHIPS AT TOKIO MARINE AUSTRALASIA

Stronger Together AM&T re-brands as GT Marine

GT offers even broader coverage following merger with AM&T Now covering Transport, Marine, Mobility and Plant and Machinery, the merger of high-performing Allianz agencies GT Insurance and AM&T (Allianz Marine & Transit) has paved the way for an even stronger GT Insurance offering.

Despite the broader categories of coverage under one roof, CEO Tony Dodd is fanatical about the business remaining specialised, adaptable, fleet-footed and service-focused.

“Both AM&T and GT Insurance built their success on broker relationships, deep sector knowledge, nimble, tailored solutions for customers and exceptional care when things go wrong. The coming together of two businesses with complementary cultures has allowed us to make even more of these areas of strength as we chart the course as a bigger and stronger team.”

This specialisation reflected in GT’s new brand highlights its specialist divisions GT Transport, GT Marine, GT Mobility and GT Plant and Machinery, each represented by teams with intimate sector knowledge. It’s a best of both worlds model, with specialist teams collaborating to provide a single-source solution for brokers.

“Stronger together, our merger brings more diverse coverage, an even greater capability to manage risk, and the resources to deliver an exceptional, customer-first experience. But most importantly, our greater breadth doesn’t come at the expense of depth. We’re committed to providing bespoke solutions which cater to the specific needs of the industries we serve.”

Sitting at the heart of GT Insurance’s new strategic direction is their vision ‘We’re all in to protect people’s livelihoods.” By helping you, the broker, with smart, tailored solutions and timely, expert service and support, together we can power progress and collectively succeed.

Please contact your Relationship Manager to learn more about the new ways we can help you and your customers on your journey to success.

We call it Powering Progress.

Insurance products are issued by Global Transport & Automotive Insurance Solutions Pty Ltd trading as GT Insurance ABN 93 069 048 255 AFS Licence No 240714 as agent for the Insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No 234708. Neither we nor the Insurer provide any advice on this insurance based on any consideration of your objectives, financial situation or needs. Policy terms, conditions, limits, exclusions and underwriting criteria apply. Before making a decision about it please refer to the relevant Product Disclosure Statement or Policy wording available from our website (www.gtins.com.au). A Target Market Determination for each product is available from our website (www.gtins.com.au). If you purchase this insurance, we will receive a commission that is a percentage of the premium.

FEATURE / Accident & Health Insurance

“UNDERWRITERS NEED TO HAVE RIGOROUS CONTROLS IN PLACE TO ENSURE COMPLIANCE WITH LAWS AND REGULATIONS, AND THAT THE COVERAGE IS APPROPRIATE FOR THE TYPE OF TRAVEL BEING UNDERTAKEN, WHICH MEANS ASKING MORE QUESTIONS ABOUT OVERSEAS RISKS.” – JADE SOMERS, HEAD OF ACCIDENT & HEALTH, QBE AUSTRALIA PACIFIC

34 / INSURANCE ADVISER AUGUST 2024

the awareness of the financial pressures that would come with injury or illness have seen rising appetite for some in the industry.

David Fogarty, Managing Director of Point Underwriting Agency, says, “We are seeing more white-collar applicants and younger insured people – with the current cost of living pressures, people are more aware of protecting their income.

We all have monthly recurring bills for streaming services, phones, internet, kids’ devices and an accident and health policy gives young families peace of mind that these monthly costs can be covered if they are unable to work.

“Insured people have never been more price-conscious, so it is important they see value in the insurance they are purchasing.

What we have seen is over $400m leave the disability income market over recent years, and we understand a lot of this relates to affordability pressures. But the fact is more Australians than ever are not insured for their income, and they need more choice, than just the traditional PA or Disability Income options.”

THE EMPLOYEE BENEFIT

The legacy impact of the pandemic is just one of the factors affecting the accident and health insurance space at present. However, the increasing awareness of mental health, the ageing workforce and the increasing frequency and severity of extreme weather are also affecting things.

“The Australian population is ageing and working longer, leading to a higher prevalence of chronic conditions and agerelated health issues,” says Yates.

“This demographic shift poses challenges for accident and health insurers in terms of higher claims frequency and costs. It also requires insurers to think about traditional age limitations on coverage and whether they remain appropriate.”

With well-reported challenges surrounding the attraction and retention of good people, the benefits a business offers its employees is becoming another major factor in whether good people stay – or you can get them in the first place.

“Providing staff with benefits like income protection can be a cost-effective way to approach this issue,” says Somers.

FEATURE / Accident & Health Insurance

“For customers with current cover, consider how the claims management process and reporting meets the customer’s needs.

Do their current policies offer meaningful benefits? Small to medium enterprises (SMEs) can access risk management services through their insurance cover that they may be unable to access otherwise.

“We see opportunities for greenfield/ new placement, especially when considering the cost of absenteeism and staff turnover – having an insurance product in place helps to ensure a managed return to work plan and vocational rehabilitation in case of injury or illness.”

Dimos agrees: “Successful organisations are doing more than ever to attract and retain quality staff, meaning they rely more heavily on broker guidance to ensure they have not just the appropriate cover, but can also leverage their insurance to build and grow a reputation as an ‘employer of choice’.

This increases pressure on brokers

CASE STUDY SOLE TRADER SUFFERS SERIOUS INJURY QBE’s Jade Somers shares the story of a sole trader who suffered a serious injury, which ultimately prevented him from working.

The insured was a sole trader – a painter.

He unfortunately fell down some stairs, unknowingly fracturing his spine. Running his own business and being solely reliant on this income, his initial response was to keep working.

He worked for approximately one month until the pain and discomfort got the better of him and he decided to check himself into hospital.

At the hospital, it was discovered that he had fractured his spine, but he was discharged without a clear treatment or rehabilitation program. This is when he lodged his claim. Our claims team worked with treating doctors to get a rehabilitation plan underway.

It was here that a second vulnerability was identified: the claimant couldn’t afford the prescribed treatment plan. We worked with our network of rehab partners and the treating doctors to obtain a financially viable option for the claimant.

The result was an earlier than anticipated return to work, alleviating any financial impacts and helping to prevent secondary psychosocial risks from developing.

36 / INSURANCE ADVISER AUGUST 2024

YEARS IN AUSTRALIA

$1b

gross written premium

22

product lines

Lines of Business: ► Accident & Health ► Casualty ► Crisis Management ► Energy, Property, Construction ► Financial Risk Solutions ► Global Transaction Solutions ► Marine ► Professional & Financial Risks ► Surety ► Treaty Reinsurance (LM Re) ► War & Terrorism ► Weather

450

team members

25,000 Largest policies

Specialisations: ► Commercial Crime ► Cyber ► Directors & Officers ► Environmental ► Exploration & Production ► Financial Institutions ► Hull & Cargo ► Infrastructure & Construction ► IT Liability ► Marine General Liabilities ► Oil, Gas, Petrochemical & Chemical ► Product Recall

Professional & Financial lines insurer in Australia

81

clients in the ASX100

A

Standard & Poor’s credit rating

► Professional Indemnity ► Renewable Energy ► Statutory Liability ► Workers’ Compensation

2021

libertyspecialtymarkets.com.au Liberty Specialty Markets is a trading name of Liberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605; AFSL No. 530842 (for claims handling and settling services only)) incorporated in Massachusetts, USA (the liability of members is limited).

FEATURE / Accident & Health Insurance

CASE STUDY EMPLOYEE HELPED AFTER FAMILY DEATH A 35-year-old rising star in an organisation was heavily impacted by a family member’s passing, which resulted in her behaviour at work being affected, as well as an increase in the number of sick days she was taking.

After being diagnosed with situational depression, the employer was able to support the employee with return to work mental health specialists, as well as a weekly sickness benefit.

The combination of financial and strategic return to work support significantly reduced the business impact of this claim.

Case study provided by AHI.

38 / INSURANCE ADVISER AUGUST 2024

to understand their client’s exposure and know how accident and health products can protect employers and employees to ensure cover is aligned accordingly.”

Those risks that employees face – and employees can cover – are wide-ranging. And even sports clubs are getting in on the act, too.

Many people play weekend sports, for example, and a serious injury could wreak havoc for them professionally.

Fogarty says, “We have always covered our insured persons for any amateur code of football, without any limitations or additional costs – we have also seen through our regional brokers is there is a need for this cover.

“Many of the country football teams are struggling to find players, and the clubs are

suffering – the young tradies can’t afford to get injured playing AFL or rugby because they risk losing their jobs.

“Without naming actual clubs, we have seen a meaningful number of sporting clubs take our cover for the first-grade team, as both a benefit to the player and to improve player retention. They know their players are protected should they suffer an injury while playing.”

For brokers, it’s important to have a holistic understanding of the sector, the direct and indirect benefits for clients and the way underwriters are approaching things.

After all, it could make all the difference when it comes to your clients keeping good people – or those people heading elsewhere.

“WE ARE SEEING MORE WHITE-COLLAR APPLICANTS AND YOUNGER INSURED PEOPLE – WITH THE CURRENT COST OF LIVING PRESSURES, PEOPLE ARE MORE AWARE OF PROTECTING THEIR INCOME.” – DAVID FOGARTY, MANAGING DIRECTOR OF POINT UNDERWRITING AGENCY

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.

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.

FEATURE / Supply Chain

40 / INSURANCE ADVISER AUGUST 2024

FEATURE / Supply Chain

HOW TECH IS

BECOMING A SUPPLY CHAIN ENABLER Technology’s changing many sectors and industries, and supply chain management is no different. Used effectively, new and emerging technologies can help understand and manage risks more effectively.

By MARTIN WANLESS

NIBA.COM.AU / 41

FEATURE / Supply Chain

G

lobally, the supply chain management market was valued at US$15.85 billion in 2022, and is expected to reach over US$41 billion by 2032. It’s an intricate, multifaceted industry that is essential in today’s world – and a sector that’s constantly evolving, with those businesses that adapt to change and more readily embrace technology performing better than those that don’t.

Research this year from Accenture shows the most mature 10% of supply chain companies achieve 23% higher margins than their peers.

When looking at the supply chain from an insurance and risk perspective, technology is having a major impact on understanding risks, and managing them too.

“Internet of Things (IOT) devices and sensors are being used to track more granularly at the asset level in supply 42 / INSURANCE ADVISER AUGUST 2024

chains, and these devices can also be used to measure factors such as temperature,” says Nick Proud, Partner at Insurtech Gateway Australia.

“These innovations are giving a greater insight and view of the complete supply chain, rather than waiting until goods arrive at their destination and the end recipient hoping for the best.”

This, in turn, is helping the insurance market better understand, assess and price supply chain risks.

“While driven by consumer demand and the pursuit of efficiencies, the increasing availability and transparency of data is allowing the insurance industry to respond quicker, underwrite, and assess risk with more certainty,” says Bert Webster, National Development Manager – Distribution, NTI. “This is developing quickly within the last mile delivery space but is now

“THE POTENTIAL IMPACT OF TECHNOLOGY IN THIS RESPECT IS HUGE, AND IT’S CONTINUING TO HAVE A DIRECT IMPACT HERE IN AUSTRALIA, AS MORE DATA HELPS PROVIDE GREATER THAN EVER LEVELS OF TRANSPARENCY.” – BERT WEBSTER, NATIONAL DEVELOPMENT MANAGER – DISTRIBUTION, NTI

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FEATURE / Supply Chain

“BLOCKCHAIN TECHNOLOGY HAS BEEN TALKED ABOUT, BUT IS STILL EARLY IN ITS ADOPTION, AND IS USED TO SECURELY AND TRANSPARENTLY TRACK GOODS AND MATERIALS THROUGHOUT THE SUPPLY CHAIN,” SAYS PROUD.” – NICK PROUD, PARTNER AT INSURTECH GATEWAY AUSTRALIA

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streamlining both the import and export markets and middle mile delivery.

Connectivity is driving proactive automated responses for everything – from refrigeration issues in a container on a cargo ship, to delayed delivery of e-commerce parcels.”

The potential impact of technology in this respect is huge, and it’s continuing to have a direct impact here in Australia, as more data helps provide greater than ever levels of transparency.

“As we see more shipping data continue to mature in transparency in Australia’s market, we can expect to see more parametric covers on things like lost parcels and offering minor compensation to a customer because of a delay, to advanced notifications of things being damaged in transit, and replacement items being sent before the customer is aware there is a problem,” says Webster.

THE TECHNOLOGICAL TIP OF THE ICEBERG

The rate of technological change across the world is incredible, with things moving at

an exponential rate – consider how quickly artificial intelligence (AI) and machine learning (ML), for example, have been embraced and developed.

Unsurprisingly, AI and ML are playing an increasingly prominent role in the supply chain, too.

“AI algorithms allow analysis of vast amounts of data from various sources, and machine learning can allow continuous improvement in the aim of anticipating and addressing new and emerging risks that traditional historical data approaches can’t achieve,” says Proud.

“AI and ML are playing an increasingly large role in predicting, identifying and mitigating supply chain risks. In any prediction, data is crucial, and by adopting AI and ML techniques, this data can be handled in more efficient and smarter ways, and new data sources that previously might not have been thought of or available can be utilised.

“The cost of incorporating it into supply chains has come down drastically, so it has been democratised rather than just being adopted by the large end of town.”

you!

FEATURE / Supply Chain

TECH’S ROLE IN MANAGING SUPPLY CHAIN ESG RISKS One of the growing challenges facing businesses across the world is ESG targets – both meeting them, and ensuring their business isn’t unwittingly embroiled in any controversies over things like the provenance of goods or unfair treatment of workers.

The food and fashion markets are two sectors that rely on vast global supply chains – and technology is also helping mitigate some of those risks here, too.

“Blockchain technology has been talked about, but is still early in its adoption, and is used to securely and transparently track goods and materials throughout the supply chain,” says Proud.

“It can also be used to prove provenance – for example, to track a beef fillet all the way back to the paddock that it was reared on, right through the supply chain to the end consumer.

46 / INSURANCE ADVISER AUGUST 2024

“It allows stronger branding and storytelling, as well as biosecurity protections, too.”

For businesses operating in the supply chain, – or those reliant on it – this is crucial.

These challenges are many, however. See the breakout box for a dive into an emerging challenge here in Australia.

A CONTINUAL EVOLUTION

Technology is just one component of supply chain management – albeit one that is very much driving change that brokers need to be aware of – and these advancements continue to provide both opportunities and challenges.

Supply chains have been tested greatly over recent years, and the factors creating those challenges will remain and evolve. For brokers and businesses operating in this space, ensuring technology is being used to its fullest advantage to manage, minimise and mitigate risks right across the supply chain is increasingly important.

“AI AND ML ARE PLAYING AN INCREASINGLY LARGE ROLE IN PREDICTING, IDENTIFYING AND MITIGATING SUPPLY CHAIN RISKS.” – NICK PROUD, PARTNER AT INSURTECH GATEWAY AUSTRALIA

FEATURE / Supply Chain

FORCED LABOUR RISK ON THE HORIZON An emerging supply chain risk – which the transparency and traceability enabled by technology can help mitigate – is that of forced labour within the supply chain.

Fiona David, Founder of Fair Futures, an organisation that advises businesses on how to embed human rights into their operations, says goods made with forced labour is a huge problem, one which current Australian law fails to protect consumers from.

“A recent exposé revealing the pervasiveness of forced labour in the supply chains of luxury cars being imported to the US is merely the tip of the iceberg when it comes to the sheer mass of goods being imported into Australia which may have been made with forced labour,” she says.

According to the 2023 Global Slavery Index, Australia imports US$17.4 billion products at risk of being made using forced labour annually, and David says that unlike leading

economies like the European Union (EU) and the US, Australian laws do not prohibit the sale or import of products made with forced labour.

“Forced labour permeates Australian supply chains and exposes businesses and consumers to products made with forced labour. While the Modern Slavery Act 2018 does put the onus on big businesses to pay more attention to the provenance of the goods and services they use, the law does not yet prohibit these goods coming into the country or being sold here,” she says.

“We also have to consider the efficiencies of individual companies trying to do due diligence for individual business transactions when the risk is systemic, potentially impacting entire categories of products.”

In the US, companies already risk the seizure and destruction of goods that they seek to import when these are believed to be tainted by forced labour, while the EU’s landmark Forced Labour

Regulation takes this approach a step further, by prohibiting the import or sale in EU markets of products made with forced labour.

“The establishment of an AntiSlavery Commissioner in Australia is a significant first step but it has taken us far too long to even get to this point in the first place,” says David.

“Australia must catch up with the rest of the world and be much more proactive in playing our part globally and in our region to prevent forced labour risk finding its way into our markets.”

The likelihood is that legislation along the lines of those in force in the US and Europe will be mandated in Australia sooner rather than later – and businesses would be well advised to ensure their supply chain is free from forced labour.

It’s a sizeable task, however, it’s one that is easier when taken on as a proactive measure, rather than a reactive one.

NIBA.COM.AU / 47

COMMUNITY HUB

COMMUNITY HUB AUGUST 2024

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

INDEX QPIB...........................................................................................................48, 49 Wellington Underwriting.........................................................................49 Australasia Underwriting.........................................................................49 Moran Insurance Brokers.........................................................................50 MGA Insurance Group..............................................................................50

Affinity Insurance Brokers........................................................................ 51 Newline Group.............................................................................................. 51 ASR.................................................................................................................... 52 NIBA Advertising......................................................................................... 53

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 AUGUST 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 AUGUST 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 AUGUST 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 30 July 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 AUGUST 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 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-/NEGATIVE

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+/POSITIVE

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/STABLE

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+/POSITIVE

QBE Insurance (International) Ltd.

A+/POSITIVE

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 31 July 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/STABLE

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)

A+/STABLE

NorthStandard Ltd.

A/STABLE

QBE Insurance (Australia) Ltd.

A+/POSITIVE

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/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.

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/STABLE

Pacific Life Re (Australia) Pty Ltd

AA-/STABLE

QBE Blue Ocean Re Ltd.

A+/POSITIVE

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 39 for S&P Global disclaimers and additional information

NIBA.COM.AU / 55