Insurance Adviser October 2023

OCTOBER 2023

THE 2023 YOUNG BROKER OF THE YEAR AWARD STATE WINNERS Broking leaders in the making

Features: JETTING OFF… WITH CAUTION Travel and Tourism insurance

PROTECTING THE FUTURE OF FARMING

Farming and Agriculture insurance

Also inside: WELCOME TO THE 2023 NIBA CONVENTION

Celebrating the best in the broking profession

WE ARE YOUR VOICE

CONTENTS October 2023

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

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

Communications Manager Wendy Martin

FEATURES 14 WELCOME TO THE 2023 NIBA CONVENTION Make the most of your Convention experience

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 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.

20 BROKING LEADERS IN THE MAKING

2023 Young Broker of the Year Award state winners

NIBA.COM.AU / 3

CONTENTS October 2023

FEATURES 34

JETTING OFF… WITH CAUTION Understanding the insurance challenges in travel and tourism

IN EVERY ISSUE

44

NIBA CEO Welcome..................................... 6

PROTECTING THE FUTURE OF FARMING

NEWS

The risks associated with an El Niño event

Industry Bulletin ............................................ 8

EVENTS

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

NIBA MEMBER PORTAL

Your Member Profile .................................... 12

REFERENCE

Community Hub .......................................... 54 Insurer Strength Ratings .............................. 60

DISPLAY ADVERTISING INDEX – OCTOBER 2023 CHU......................................................... IFC

Vero....................................................... 32-33

Marshall.....................................................48

QBE................................................................5

PassportCard.......................................... 37

CBN............................................................49

Allianz............................................................7

Ansvar........................................................38

Steamatic..................................................50

ANZIIF......................................................... 9

Our Ark......................................................39

Construct Services................................ 51

Simfuni......................................................... 11

About Underwriting............................ 40

Community Underwriting.................. 53

Zurich.......................................................... 13

FocusNet....................................................41

Ebix..............................................................61

NIBA Convention................................... 17

Morse.........................................................43

Code of Practice.................................IBC

BAIS.............................................................19

Nova............................................................ 47

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

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

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CEO / Welcome

A FRESH PERSPECTIVE

T

he time has arrived for the 2023 NIBA Convention, our first full Convention since 2019. While The Star on the Gold Coast may be a familiar favourite – it’s been the venue for many successful previous Conventions, with some calling it the ‘spiritual home’ of the NIBA Convention – this year’s theme “Re-Imagine – Think Differently” promises to look at things in a different way. Much has changed since 2019, let alone from the very first NIBA Convention at the Chevron on the Gold Coast, way back in 1983.

While there seems to be a lot more regulatory certainty, which may be a first, there is still uncertainty in many areas.

Changing weather patterns have delivered a multitude of natural disasters, and the focus on government and industry response has increased dramatically. NIBA met with representatives from the National Emergency Management Agency recently, to discuss the role NIBA and brokers can play in providing constructive insights into risk mitigation and emergency response. Brokers are uniquely positioned to provide a client perspective as well as the perspective of how different insurers respond. We will explore this in more detail at the Convention in our morning presentation from Andrew Hall from the Insurance Council of Australia, followed by a panel session including representatives from NEMA, Consumer Groups, the ICA and NIBA. Also, on day one of the Convention, we will look at the evolving world of technology. It’s fair to say that the emergence of the newer versions of ChatGPT has accelerated the focus on technology, artificial intelligence and how they integrate into our daily lives. While most of us have some kind of smart speaker or hub in our home, integrating artificial intelligence into these devices will take the smart home ecosystem to a new level. I saw this first-hand the other day when meeting with our guest presenter and opening keynote speaker Dr Jordan Nguyen, who has been involved in this field for many years. While I don’t want to spoil the surprise, Jordan will take the word “hey” to a new level.

Another area that has everyone concerned is regarding where the next generation of insurance brokers might be coming from. As I have mentioned before, we have a committee of passionate volunteers who have been working under the guidance of Cameron Sheild from Lockton, and I will be delighted to share the first phase of our goal to “Insure your Future” – an initiative that brings to life the career of an insurance broker and why school leavers and graduates should consider broking as a career. It’s a small step, but hopefully the beginning of a broader program that we can all participate in and help encourage more young people into our profession.

Given we are encouraging more young people to enter the profession, and the focus on technology solutions, it

6 / INSURANCE ADVISER OCTOBER 2023

makes sense that we challenge the concept of what a broker looks like in the future. This topic will be hotly contested on day two of the Convention in “The Great Debate,” where industry representatives from the broking fraternity and insurers will challenge the role of the broker in the future.

This promises to be a lively session.

And while we are still on the topic of the next wave of talent coming through the ranks, you will see in this month’s edition a profile of each of our Young Broker of the Year national finalists. What you won’t see is the work they did in Kempsey recently. As part of the Vero Young Broker Development program, this year’s finalists and alumni of previous winners come together to bring to life an initiative designed by the previous year’s finalists. This year, Vero granted money to Kempsey PCYC, to deliver much needed equipment for the young people of Kempsey, many of whom come from underprivileged backgrounds. The finalists also raised their own funds to match the Vero grant. The team, headed up by Vero’s Michael Miller and Anthony Pagano ventured to Kempsey to volunteer as part of a mini makeover for the PCYC garden and then spend time with the kids on the newly acquired equipment. Day two of this program saw a much-needed makeover for the Kempsey Museum, which is only hanging together thanks to a small group of energetic volunteers.

The time and effort donated by the national finalists, previous winners and the Vero team makes you very proud to be part of a profession that values giving back to the community. Congratulations to all involved and to Vero, for such a valuable initiative.

I look forward to seeing the winner of the Young Broker of the Year, and the Broker of the Year, which will be announced on the evening of 10th October. See you at the Convention.

PHILIP KEWIN Chief Executive Officer, NIBA

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PROFESSIONALISM / Industry Bulletin

ANNUAL REPORT 2022-23

IBCCC ANNUAL REPORT NOTES UPTICK IN BETTER REPORTING PRACTICES, BUT THERE IS STILL ROOM FOR IMPROVEMENT

I

n its 2022-23 Annual Report, the Insurance Brokers Code Compliance Committee (IBCCC) welcomed an increase in the number of brokers who reported breaches and complaints.

The report noted the increase in the number of Code subscribers reporting breaches follows extensive work from the IBCCC to encourage better reporting practices.

Chair of the IBCCC, Oscar Shub, said that the Committee’s work was having an impact.

“Seeing our work deliver better reporting practices among Code subscribers is rewarding. It shows that our efforts to improve this area have been worthwhile,” Mr Shub said.

“Improvements are commonly gradual and often require a shift in organisational culture, so this small step forward is a measure of success for us.”

55% of subscribers reported breaches in 2022 as compared to 48% in 2021. 61% of subscribers reported complaints in 2022 as compared to 55% in 2021.

8 / INSURANCE ADVISER OCTOBER 2023

However, despite the increase in self-reporting practices, the report also emphasised that there many subscribers that underreported their breaches and complaints or reported none at all. 175 brokers reported no breaches, while 152 reported no complaints in the 2022 reporting period.

Mr Shub emphasised that reporting zero breaches and complaints is indicative of an organisation lacking the right systems and processes in place to monitor compliance with the Code of Practice.

“Simply not reporting breaches and complaints is no shortcut to perfect compliance and a good reputation,” Mr Shub said.

The lack of reporting continues a worrying trend within the industry and one that remains a major focus for the IBCCC. NIBA welcomes the improvement in the number of self-reported breaches, and will work with the IBCCC to help ensure that a culture of reporting is embedded within more subscribers.

NIBA CEO Philip Kewin said: “With the 2022 Insurance Brokers Code of Practice now in full swing, it’s been a great opportunity to refresh and reinforce the requirements of subscribers.”

“This has included increased joint activity in communicating to and engaging with Code subscribers, which has seen an increase in those reporting breaches and the number of breaches. We feel there is still more opportunity to increase these numbers and will work with the IBCCC to ensure subscribers are not only educated, but the reporting mechanisms are as efficient as possible.”

This Annual Report is the IBCCC’s first since the new Code came into effect on 1 November 2022. During the 2022 reporting period, breaches had a financial impact of $3.2 million, affecting 412,800 clients.

Read the full IBCCC 2022-23 Annual Report on the IBCCC website at https:// insurancebrokerscode.com.au/resources/ annual-report-2022-23.

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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 2023 NIBA QLD YP HALLOWEEN PARTY WHERE: The Prince Consort, 230 Wickham St, Fortitude Valley WHEN: Friday 20 October 2023 The NIBA Qld YP Halloween Party is back!

Join us for the 2023 NIBA Qld YP Halloween Party at The Prince Consort.

Located in the heart of Fortitude Valley, this iconic historical pub provides the perfect backdrop for an extraordinary networking experience.

Get ready to unleash your creativity as we invite you to don your most imaginative costumes. Prizes of up to $100 await the best-dressed individuals. Let your inventive spirit shine!

10 / INSURANCE ADVISER OCTOBER 2023

2023 NIBA QLD CHRISTMAS BOWLS WHERE: New Farm Bowls Club WHEN: Tuesday 14 November 2023 Celebrate the end of the year at the 2023 NIBA Qld Christmas Bowls Event.

Don’t miss out on this fantastic opportunity to unwind and connect with industry peers over a friendly lawn bowls tournament and a meal, complete with a drinks package.

2023 NIBA/UAC PERTH UNDERWRITING EXPO WHERE: Optus Stadium, 333 Victoria Park Dr, Burswood, Perth WHEN: Wednesday 15 November 2023 Looking to stay ahead of the curve in the everevolving world of insurance? Join us for the annual 2023 NIBA/UAC Underwriting Expo.

Discover the latest products and services from a range of underwriters and explore new opportunities to grow your business.

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

2023 NIBA WESTERN SYDNEY CHRISTMAS BOWLS WHERE: Castle Hill Bowling Club WHEN: Tuesday 7 December 2023 CCelebrate the end of the year at the 2023 NIBA NSW Western Sydney Christmas Bowls Event. It will be held at the Castle Hill Bowling Club. This club, affectionately referred to as “The Friendly Club,” is home to two of Sydney’s finest lawn bowling greens.

SAVE THE DATE 18 OCTOBER 2023 UAC Wollongong Underwriting Expo

10 NOVEMBER 2023 NIBA SA Christmas Cocktails

7 DECEMBER 2023 NIBA Western Sydney Christmas Bowls Event

NIBA / Member Portal

YOUR MEMBER PROFILE – YOUR REPRESENTATION AS AN INDUSTRY PROFESSIONAL With the new NIBA Member Portal, you have more control over your profile information. You can add your professional photo, a mailing address and choose what types of communications you’d like to receive from NIBA. You can also add your CPD records and professional certifications to your Member Profile, as a means of documenting and reflecting your professional experience.

1

PROMPT TO COMPLETE YOUR MEMBER PROFILE

When you first log in to the new NIBA Member Portal, you will be automatically prompted to fill in your details and start completing your Member Profile.

3

4 2

FILL IN YOUR DETAILS

Start filling in your details, including uploading your professional photo and adding/updating your address and contact details.

12 / INSURANCE ADVISER OCTOBER 2023

VIEW AND MANAGE YOUR ACCREDITATIONS

You can add your up-to-date CPD accreditations and professional certifications from the ‘My Accreditation’ tab on the left-hand menu.

A COMPLETE MEMBER PROFILE

A complete and up-to-date Member Profile gives you more control over how and when NIBA communicates with you and makes it easy for you to access and showcase your CPD records in one place. It’s your personal digital snapshot of how you’d like to showcase yourself to NIBA as an industry professional.

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COMMUNITY / 2023 NIBA Convention

WELCOME TO THE 2023 NIBA CONVENTION

It’s finally here! One of the most anticipated events in the insurance broking calendar, NIBA extends a warm welcome to all who have converged on the Gold Coast to ‘think differently’ at this year’s Convention. Over the next two-and-a-half days, there will be a lot happening – from social events and networking opportunities to thought-provoking and inspiring sessions that tackle the most urgent challenges facing our profession.

Insurance Adviser has got you covered. Here’s what you need to keep an eye out for to make the best of your Convention experience.

Sunday 8 October NIBA CGU NIGHT MARKET – WELCOME FUNCTION

Monday 9 October NIBA MARKETPLACE – BREAKFAST

Convention opening President’s address

opening keynote

14 / INSURANCE ADVISER OCTOBER 2023

Insurer Response to Australia’s Most Expensive Natural Disaster

Andrew Hall

Sam Lane

Gary Okely

Promoting Insurance Broking as a Career Choice Philip Kewin

NIBA MARKETPLACE – NETWORKING AND COFFEE

Cameron Sheild

Dr Jordan Nguyen

Planning and Resilience: Where to From Here?

Drew MacRae

Future Risks – Property Insurance Done Differently

Gary Okely Andrew Hall

Brian Maruncic

NIBA MARKETPLACE – LUNCH

Unlocking Purpose, Performance and Power

Dr Bronwyn King AO

Tradition to Transformation: Attracting Talent to the Industry Cameron Sheild

Tom Wheeler

William Thompson

Jodie Krafft

The Exec Chat, Panel Session Dianne Phelan

Lynette Walsh

Rebecca Wilson

Steven Hill

How to Grow Your Brokerage – Efficient Systems and Structured Processes Dale Smith

Sharing Risk to Create a Braver World

Patrick Tiernan

NIBA MARKETPLACE – MARKETPLACE HAPPY HOUR

tuesday 10 October

Pieter Versluis

NIBA MARKETPLACE – NETWORKING AND COFFEE

Supporting Vulnerable Clients: Insights from Banking’s Best Practices

Prue Monument

NIBA MARKETPLACE – BREAKFAST

Soft landings are hard to do

Martin Lakos

Unlocking New Horizons: Technology and AI Transformations in Brokerage

The Great Debate

Nicholas Cook

NIBA MARKETPLACE – LUNCH

The Strategic Direction of NIBA

Simone Dossetor

Lisa Woodley

Philip Kewin

Dianne Phelan

Andy Jamieson

Dianne Phelan

Gary Okely

Nicholas Cook

Reimagining Key Alliances: 5 Keys to Building Nikki Meaningful Business Heald Relationships Leading Change in a Changing World Jenny Haddad

Noel Kelly

Convention Close

Closing Keynote

Steven Hill

Gus Balbontin

NIBA GALA DINNER AND AWARDS CEREMONY

NIBA.COM.AU / 15

COMMUNITY / 2023 NIBA Convention

WHAT TO KEEP AN EYE OUT FOR? Monday 9 October

Tuesday 10 October

PROMOTING INSURANCE BROKING AS A CAREER OF CHOICE

SOFT LANDINGS ARE HARD TO DO

Join us as NIBA unveils ‘Insure Your Future’, a first-of-its-kind initiative to specifically promote insurance broking as a career of choice. Members will have the opportunity to hear from the Chair of the Promoting Insurance Broking Careers Committee, Cameron Sheild, and NIBA CEO, Philip Kewin, as they unveil what’s in store and showcase how ‘Insure Your Future’ can assist members to meet the current and future needs of their businesses.

PHILIP KEWIN

CAMERON SHEILD

INSURER RESPONSE TO AUSTRALIA’S MOST EXPENSIVE NATURAL DISASTER In this session, Insurance Council of Australia CEO, Andrew Hall, will provide an insight into the most expensive natural disaster experienced in Australia and how insurers responded including some preliminary outcomes from their independent review.

ANDREW HALL

Join Martin Lakos, industry leading economic and market commentator and Division Director of Macquarie Bank, as he presents Macquarie Bank’s big picture view of the world, including a deep dive into the Australian economy. This session will cover key economic topics such as interest rates, business and consumer confidence, property and population growth.

MARTIN LAKOS

UNLOCKING NEW HORIZON: TECHNOLOGY AND AI TRANSFORMATIONS IN BROKERAGE As technology and artificial intelligence continue to revolutionise the insurance landscape, brokers are presented with unprecedented opportunities to elevate customer service and streamline their operations. Join us in this enlightening session where you’ll gain valuable insights from industry experts on the emerging trends both in Australia and globally, and their profound implications for insurance brokers.

FUTURE RISKS – PROPERTY INSURANCE DONE DIFFERENTLY Join Brian Maruncic, Head of Climate Business for Australia and New Zealand at AXA XL, and delve into the realm of parametric insurance product creation and application through an exploration of the integration of physical risk assessments. In this session, you will gain valuable insights into the practical utilisation of parametric insurance through real-world instances that showcase its effectiveness in mitigating global weather-related challenges. You will get to engage in discussions about upcoming perils on the horizon and their implications for this innovative insurance approach.

16 / INSURANCE ADVISER OCTOBER 2023

BRIAN MARUNCIC

SIMONE DOSSETOR

LISA WOODLEY

ANDY JAMIESON

DIANNE PHELAN (MODERATOR)

2023 NIBA CONVENTION / Community

Tuesday 10 October (continued)

LEADING CHANGE IN A CHANGING WORLD

In this session, understand how to deal with people’s responses to change, recognise where people need different levels of support and using your advocates to help embed change. The session will also cover the importance of a business leader’s attitude to change and how we embrace working in a world that is our new normal.

JENNY HADDAD

HOW TO GROW YOUR BROKERAGE – EFFICIENT SYSTEMS AND STRUCTURED PROCESSES

Managing and growing a brokerage can be challenging, especially if your technology is dated. In 2020, Trans-West Insurance Brokers took the plunge by implementing a cloud-based policy platform, resulting in a 20% productivity gain. Join us for this session, as JAVLN CEO Dale Smith interviews Pieter Versluis, General Manager of Trans-West Insurance Brokers, to uncover how technology can improve operational efficiency and lead to growth in a brokerage.

NOEL KELLY DALE SMITH

Reimagine: Think Differently

COMING SOON...

In light of the talent and resource shortage within the insurance broking profession, the National Insurance Brokers Association (NIBA) is launching a new initiative to promote insurance broking as a career of choice.

2023 NIBA CONVENTION

8-10 OCT 2023

THE STAR EVENT CENTRE | GOLD COAST

WWW.2023NIBACONVENTION.COM.AU

PIETER VERSLUIS

The initiative will educate and attract people to consider a career in insurance broking by showcasing the varied and exciting opportunities which our profession offers.

Join us for the launch of this initiative at the session Promoting Insurance Broking as a Career

of Choice on Monday 9 October at 9.30am to hear about this initiative and how it will support NIBA members going forward.

You can then attend the Convention session Tradition to Transformation: Attracting Talent to the Industry, on Monday afternoon at 2.45pm, which will take a deep dive the challenges that the industry has faced in attracting and retaining talent, providing the wider context which led to the new initiative.

NIBA.COM.AU / 17

COMMUNITY / 2023 NIBA Convention

THANK YOU TO OUR SPONSORS AND EXHIBITORS principal partners

Convention 2023

Name Badge and

Espresso Bar

Gelato Bar

Destination

Marketplace Happy

'Banking Sponsor'

Lanyard Sponsor

Sponsor

Sponsor

Supporter

Hour Sponsor

Relax and Recharge

Closing Keynote

Writing Pads and

CONCURRENT

PLENARY SESSION

NIBA Gala Dinner & Awards

Lounge Sponsor

Speaker Sponsor

Pens Sponsor

SESSION SPONSOR

SPONSOR

Cocktail Bar Sponsor

Exhibitors

Commercial Safety Australia

18 / INSURANCE ADVISER OCTOBER 2023

2023 NIBA CONVENTION / Community

NIBA.COM.AU / 19

COVER STORY / 2023 Young Broker of the Year Award State Winners

Broking leaders in the

2023 YOUNG BROKER OF THE YEAR AWARD STATE WINNERS

The Young Broker of the Year Awards are proudly sponsored by Vero

making

What do tomorrow’s broking leaders make of the future of insurance broking?

As insurance broking goes through an evolutionary phase, the young and ambitious broking leaders of tomorrow are prepared to conquer any challenges and take advantage of opportunities that lie ahead in their path.

LEFT TO RIGHT:

Joel Morrell, Justin Purslowe, Adam Luppino, Olivia Hancock, Taylor Burstow

Ahead of the NIBA Gala Dinner and Awards ceremony, where we will celebrate the best, brightest and most promising young broking talent through the Verosponsored Young Broker of the Year Award, Insurance Adviser caught up with the 2023 state winners to share their views on learnings in their career so far, what insurance broking might look like 30 years from today, and what can be done to attract more younger talent to the profession.

NIBA.COM.AU / 21

COVER STORY / 2023 Young Broker of the Year Award State Winners

Olivia Hancock on operating with integrity

FUTURE OF INSURANCE BROKING

The future of insurance broking will adapt to evolving technology and I believe it will only make it better.

Broking will be enhanced by things such as artificial intelligence (AI) for efficiencies and data driven insights, leaving brokers with more time to work with their clients to provide personalised advice, guidance and tailored solutions based on a deeper understanding of their wants and needs.

The work we do with our clients is of a personal capacity. Insurance brokers bring a human touch, expertise, and a level of trust that is, and will remain, irreplaceable. I also think the need to form relationships with clients will be more important than ever. We will continue to serve as advisers, advocates, and problem solvers, ensuring our clients get the best insurance coverage for their specific needs.

THE FOUNDATION OF A BROKER-CLIENT RELATIONSHIP

I always strive to do the best thing by my clients.

Acting with integrity is the most important place to start. Operating with integrity builds trust, which is the foundation of any successful broker-client relationship.

Also, you can’t underestimate the importance of diligence when handling your client’s insurance program. The devil really is in the details and small mistakes can have huge implications if a client ever needs to file a claim. Our clients trust us to ensure that they are protected, and we can’t take that responsibility lightly.

With integrity and diligence, you’re setting yourself and your clients up for long-term success and upholding the reputation of the industry.

A GLOBAL COMPETITION FOR TALENT

With lots of entry level and data jobs moving offshore, we are missing out on some of the young talent that could be entering the industry.

I think there is an opportunity for our industry to gain many talented recruits by making more graduate level jobs available here in Australia. By having these entrants, we will be able to build a solid base for emerging brokers and the future of the profession will become even stronger.

Of course, anyone already part of the industry will attest to the invaluable learnings in the early years of their career from their mentors. It’s so important to forge a relationship

22 / INSURANCE ADVISER OCTOBER 2023

with someone who has experience and can guide you through problems, help with difficult conversations and show you the ropes. I know I’ve had several mentors that I’ve been lucky enough to learn from over the years. Having someone senior that you can trust, even as a sounding board has helped me with not only my technical knowledge, but also my soft skills.

CHANGING THE PERCEPTION OF BROKING

I think a lot of people outside of the profession just really don’t understand what we do as brokers.

People hear the word ‘insurance’ and pigeonhole us into a very narrow skillset. In actuality, this is a profession with so much opportunity for anyone that is willing to learn and wants to grow.

I feel very lucky to have been part of an industry that has so much to offer in terms of learning development, career progression, relationship building and being part of a community.

We need to get this message out there – there are so many opportunities and it’s not a one-size-fits-all approach.

There is a diverse range of talented professionals within the industry and there are different roles available to people with different strengths and talents.

There are so many different pathways to go down in this industry depending on what your strengths and interests are. It doesn’t matter if your area of interest is new business, nurturing existing relationships, data and analytics or even people management – there is something for everyone.

TRANSPARENCY IS KEY

I learnt early on how important it is to be transparent with stakeholders.

Sometimes, it feels easier to put off that difficult conversation when you know you have a message that a client or insurer won’t want to hear. But the best outcome always comes from having that difficult conversation as early as possible. Springing bad news on someone last minute will hinder trust, impact professional relationships and can reduce the time needed to solve the problem.

You don’t have to know it all right now. There is so much to learn and a wealth of amazing mentors out there who want to share their knowledge with you. Junior brokers shouldn’t feel overwhelmed – knowledge comes with time and patience!

The Young Broker of the Year Awards are proudly sponsored by Vero

WINNER OF THE VIC/TAS YOUNG BROKER OF THE YEAR AWARD Principal – Corporate, Marsh NIBA.COM.AU / 23

COVER STORY / 2023 Young Broker of the Year Award State Winners

WINNER OF THE NSW/ACT YOUNG BROKER OF THE YEAR AWARD Account Director, Network Insurance Group 24 / INSURANCE ADVISER OCTOBER 2023

The Young Broker of the Year Awards are proudly sponsored by Vero

Joel Morrell on attracting young talent to the industry

BROKERS AS TRUSTED ADVISERS

Our roles as brokers will need to change in the foreseeable future towards that of a trusted adviser rather than remaining purely transactional in nature.

A trusted adviser is adept at providing a suite of solutions to their clients rather than just an insurance cover and can articulate and demonstrate technical skills, knowledge of risk assessment and risk management.

Further developing and maintaining expertise levels will be an important part of client engagement. Working with developing technologies to further support our clients, including process improvement, account maintenance and claims management will be an important skill.

The introduction of artificial intelligence (AI) will automate many simple and repetitive tasks. This change will bring with it new challenges as well as opportunities, as new jobs will emerge. However, despite increased technological input, complex risks will always require a human touch.

That’s why, brokers heading into the future will need to assess what value as trusted advisers they can bring to their clients.

A ’CLIENT FIRST’ PHILOSOPHY

My mantra has and always will be, putting the client first.

To deliver on this mantra, there are three main attributes that I pride myself on and look for in my team. The first one is communication. Communication is imperative in our industry. The most successful communicators can clearly articulate the value they add, as well as create strong relationships and build trust. These skills are the bedrock of our industry and profession.

The second attribute is time management. We are all busy in our jobs but if you’re able to effectively manage your time and get the most out of the time you have at your disposal, you can deliver a greater focus, a higher level of productivity and most importantly, work with reduced stress levels.

The last attribute is trust and reliability. A broker’s reputation depends on how trustworthy and reliable they are. As a service and relationship-based industry, providing excellent customer service is imperative. A trustworthy and reliable broker will be able to work independently as well as in a team, and consistently deliver on their obligations and promises. This is what demonstrates that a broker can be counted on to be there when they are truly needed.

ADDRESSING THE SKILLS GAP

We have been unable to introduce enough new talent to our profession as a succession plan.

In a post-COVID-19 world, we are seeing a lack of talent across the entire industry. Over the last five years, many of the senior professionals that I learnt so much from have retired, and the scary thing is, within the next five to ten years, many more senior professionals will be moving on

to the next stage of their lives. Therefore, it is imperative for younger brokers to gain as much knowledge as they can before that experience is gone.

I believe, having an experienced senior professional as a mentor is a wonderful way for younger brokers to learn about the business as well as personal skills to further their knowledge and careers. The NIBA Mentoring Program is a fantastic way to do just that, offering younger professionals a platform to grow and excel.

ATTRACTING YOUNG TALENT

I don’t believe there is one simple answer. It’s going to have to be a combination of benefits that work together to attract young talent.

I think it needs to a combination of four things. Firstly, I think the most important thing the industry can do is offer a formal certification. I believe, giving young talent an opportunity to study for a qualification whilst working on the job, will help in making our profession appear comparable in nature to other professions such as solicitors and accountants.

Secondly, focusing on growth and development. This is just as important as having the formal qualification element in attracting young talent. This can include training programs, mentoring opportunities, and career development plans.

Providing opportunities for people to learn new skills and advance in their careers can help to increase the numbers of talent wanting to be involved in the industry.

Thirdly, offering flexibility and independence. People find it extremely motivating when they are trusted and respected enough to be offered flexibility in their workplace. Not only does this give people greater control over their lives, but it also helps to boost workplace morale.

Lastly, providing competitive compensation and benefits.

Compensation and benefits play a critical role in attracting and retaining talent. Offering competitive pay and benefits packages can help to ensure that the industry is attractive to all candidates.

FINDING WAYS OF GIVING BACK

It is imperative that we give back to those who are less fortunate, especially those that are experiencing their own health battles.

In May this year, I undertook my first ‘boxing fight’ for a charitable cause – to raise funds for the Starlight Children’s Foundation who do amazing work spreading happiness to sick kids facing serious illness. Spreading happiness is one way of helping sick kids feel more positive, confident, and resilient and I am proud knowing that I am playing a small part in that. I would really like to have another boxing fight next year, with the aim that the proceeds from that fight will go to a Northern NSW community that has been hit hard by the floods that occurred in March 2022.

NIBA.COM.AU / 25

COVER STORY / 2023 Young Broker of the Year Award State Winners

Adam Luppino on having empathy as a broker

THE RELEVANCE OF BROKERS GOING FORWARD

Client expectations are at an all-time high and the need for brokers to become digitally capable in order to have a competitive edge is a challenge.

For the industry, finding the equilibrium between what is seamless and instantaneous on one hand, and tailored and personalised on the other, is one of the most difficult obstacles to overcome.

While the advancements of artificial intelligence (AI) certainly pose questions of uncertainty regarding the role of brokers in the future, the relationships and rapport we develop with clients is not to be underestimated. The service component of our role is becoming more important than ever. The need for genuine social connection is one thing AI cannot replicate.

Nevertheless, brokers need to adapt to digitalisation to stay relevant and embrace technology as a value add rather than see it as a threat. Brokers need to consider their digital capabilities in areas such as customer engagement, their operating model, processes, services they provide and value they bring.

BROKER AS A CLIENT ADVOCATE

My role as a broker is to advocate for my client.

We work for, and alongside, our clients to help put them in a place of confidence. Our clients entrust us with their most valuable assets and their livelihoods, so having the knowledge and ability to understand different industries and facets within a business is essential. There is the opportunity to share in mutual success with our clients, because when they succeed, we do too. I see no bigger compliment than the fact that my clients respect and value my opinion and trust me with what means most to them. I carry this philosophy through every client meeting or encounter, and it is something that I will continue to do so moving forward.

NO SUBSTITUTE FOR EXPERIENCE

Knowledge is king in our profession and that knowledge comes with years of experience.

Younger brokers are not always exposed to the full breadth of the broking process from start-to-finish. For example, younger brokers in a claims team may not have the same level of claims handling experience as senior brokers.

Without their experience and knowledge being passed on, the skills gap will create a great divide within the industry.

26 / INSURANCE ADVISER OCTOBER 2023

I think it is essential that this knowledge is passed on, so that young brokers can continue to grow and develop their skills. I have learnt from people who have been in the industry for countless years, and the information they have been able to pass down to me has been invaluable.

The way they have been able to adapt to changes within the industry and keep moving forward is something that I consider an inspiration.

BROKING IS A PROFESSION THAT OFFERS VARIETY

The opportunities that present themselves for professional and personal development are endless in this profession.

Being able to work with a range of different businesses and industries and being able to gain an understanding of various business areas is something I enjoy immensely. It not only helps me in my professional life, but also enriches me in a personal capacity.

The networking and events that are part of this industry are also invaluable. Because of this, I can say that I have got a lot more opportunities that I wouldn’t have if I wasn’t an insurance broker. As an industry, we need to do a better job at promoting these positive aspects about the profession to young people and get them excited about an opportunity to make a career in insurance broking.

EMPATHY AS A BROKER

If I could go back in time and talk to myself before my first day in the profession, I would want to tell myself that all of the hard work and effort that I was about to put in would be worth it.

I have learnt that being an insurance broker is not just a job, it is a career and if you put in the effort, it rewards you for your hard work.

Being able to have difficult conversations with people and setting realistic expectations by being honest, upfront, and empathetic is incredibly important in carving a successful career in this industry. Learning to not only be empathetic, but making sure you are empathetic in the right way has been a very important learning curve throughout my career. Because I deal with people that have had challenging past experiences, or with businesses that are at the make-or-break stage, it is critical for me as a broker to ensure that I am sensitive and able to empathise with any situation.

The Young Broker of the Year Awards are proudly sponsored by Vero

WINNER OF THE SA/NT YOUNG BROKER OF THE YEAR AWARD Account Executive, Guardian Insurance Group NIBA.COM.AU / 27

COVER STORY / Young Broker of the Year Award State Winners

WINNER OF THE QLD YOUNG BROKER OF THE YEAR AWARD Head of Client Services, East West Insurance Brokers 28 / INSURANCE ADVISER OCTOBER 2023

The Young Broker of the Year Awards are proudly sponsored by Vero

Taylor Burstow on the evolving landscape of insurance broking

INSURANCE BROKING IS UNDERGOING AN EVOLUTION

As insurance brokers, we’re at the forefront of navigating this evolving landscape for our clients.

The future of insurance broking in Australia is set for an exciting transformation driven by technological leaps, evolving customer preferences, shifting regulations, and economic fluctuations.

In this transformation, we can’t ignore the crucial role of technology. The emergence of platforms like ChatGPT highlights the need to revisit our processes. It’s about ensuring that we provide swift and seamless client interactions, especially when clients can easily access information.

Personalisation will remain the foundation of insurance broking. Through leveraging big data and AI, we can deepen our understanding of individual client needs and craft tailored insurance solutions that align with their unique risk profiles.

Technology may be on the rise, but our experience, knowledge and advice are as essential as ever. We do, however, need to pivot towards using technology, in conjunction with these fundamentals, to deliver a strategic approach, which further emphasises a need for comprehensive risk management and long-term insurance planning.

It is imperative we explore holistic solutions that transcend traditional insurance coverage, integrating these options seamlessly into broader advice. Remaining on top of evolving regulations and maintaining transparency in this evolving landscape is non-negotiable.

PERSONAL BROKING PHILOSOPHY

Insurance can take you everywhere.

My guiding philosophy in insurance is rooted in the belief that insurance can take you everywhere, while offering a world of opportunities and diverse pathways to explore; there’s always something new to discover.

This mindset reminds me that insurance is not a onesize-fits-all career, it’s a versatile field where you can navigate your own unique journey as you build your career.

Whether you’re passionate about broking, risk management, claims, or emerging trends, there’s a role waiting for you in insurance. The ever-evolving nature of our industry ensures that there’s always something new to learn and master.

This philosophy encourages me to remain open to change, embrace innovation, and continually expand my horizons.

In doing so, I can seize the boundless opportunities that present themselves, both personally and professionally.

It’s a viewpoint that fuels my enthusiasm and drives me to explore the exciting pathways within the world of insurance.

LEARNING FROM EXPERIENCED BROKERS

The industry is facing a complex challenge that combines elements of both a skills gap and a personnel shortage.

While there is a pool of talented younger brokers eager to

learn and perform, there is a pressing need for senior roles to be filled promptly. This situation highlights the importance of knowledge transfer from senior professionals.

Learning from more senior brokers in the industry is invaluable for younger brokers. Senior brokers bring a wealth of experience, having encountered, and navigated numerous scenarios over time. Their insights can expedite the learning process, ensuring that younger brokers benefit from the wisdom of those who’ve ‘been there, done that’.

Moreover, senior brokers can help younger professionals avoid reinventing the wheel. They can provide guidance on best practices, share industry nuances, and offer practical advice, enabling younger brokers to make informed decisions and avoid common pitfalls.

Additionally, senior brokers can serve as mentors, helping younger brokers set and achieve career goals. Their guidance and mentorship contribute not only to individual career development but also to the overall growth and continuity of the industry.

ADDRESSING CHALLENGES THAT LIE AHEAD

To attract younger talent to the insurance broking profession, we need to address the industry’s image problem.

Insurance often lacks the attractiveness associated with other careers. Changing this perception is crucial.

Many people underestimate the complexities and expertise required to be an insurance broker.

The key to this transformation is highlighting the profession’s diverse opportunities. Personally, I find it appealing that insurance can take you worldwide, whilst providing you with an opportunity to work in your area(s) of interest. Every industry requires insurance, hence there will always be a need for insurance advisers.

Promoting insurance as a respected profession, emphasising its role in safeguarding businesses and individuals, can help pique the interest of future generations. Furthermore, establishing mentorship programs, internships, and educational initiatives can enable young brokers to enter the field and discover its fulfilling career possibilities.

Active engagement with educational institutions, participation in career fairs, and leveraging digital marketing to showcase diverse career paths are essential steps to attract younger talent. Emphasising the positive impact brokers make in helping communities and businesses recover from unexpected events can resonate with those drawn to meaningful work. By spotlighting the profession’s significance and opportunities, we can bridge the generational gap and make insurance broking an enticing choice for the next wave of professionals.

NIBA.COM.AU / 29

COVER STORY / Young Broker of the Year Award State Winners

Justin Purslowe

on how no two days are the same for an insurance broker

INSURANCE BROKERS AREN’T GOING ANYWHERE

In my opinion, insurance brokers are set to remain a key part of the industry for the next 30 years.

What I am seeing is that risks are evolving and becoming more complex. This means that an expert is required to advise clients on how to best protect their interests.

We have access to more and more data with advancements in technology, and I feel that brokers will continue to add value as a risk adviser interpreting this data, especially as clients expand their services and offerings.

Technology is providing brokers with more tools to better assess risks and I see this trend continuing in the future. It will be the broker’s role moving forward to use the technology at their disposal to help clients understand their risk exposures and then work with other specialists to assist with managing this risk.

TRANSFERRING KNOWLEDGE TO THE NEXT GENERATION

I have noticed that one of the biggest problems faced in this regard is a lack of transfer of knowledge.

When you look at experienced brokers and the seasoned veterans of this profession, they have a wealth of knowledge that they have accumulated over their lifetime in insurance – but they have limited opportunities to transfer that to the next generation.

With the implementation of technology – underwriting can be now pre-programmed, for example – we see that younger insurance professionals don’t understand the basics of insurance.

Also, by engaging with senior professionals, you can ask them questions to see and learn about what they look for in a risk, what risks are non-preferred and any opportunities to improve a risk.

A LOT TO LOVE ABOUT THIS INDUSTRY AND PROFESSION

I love the diversity of our industry.

One day I could be looking at an agricultural risk three hundred kilometres from Perth, and the next day I could be working with an engineering company based in an industrial area. The benefit of this variety is that you don’t get stuck in the same nine-to-five routine and it keeps things interesting.

The secondary aspect of this is that as a client’s risk adviser, you build a great relationship with your clients who come from various other industries and sectors, with many becoming friends. This makes the job significantly more enjoyable than if you just saw it merely as a paycheck.

There is so much that this profession and industry offers you that you aren’t aware of when you look at it from the outside. The industry gives you a flexible working environment within which to showcase your skills. The flexibility and freedom of choosing to work for yourself or a business based on what suits your needs best is something that I’ve found to be extremely beneficial.

A RELATIONSHIP-BASED PROFESSION

My most important learning has been to build relationships and trust with your peers.

Our industry is built on relationships and people are more than willing to help out in a time of need. I have been extremely lucky to have had some great mentors to whom I can reach out to for advice on any complex matters that I need guidance on.

I have been given several opportunities to expand my insurance knowledge and develop my skills over my short career. To anyone considering taking that next step in their young broking career, I would say don’t be afraid to put yourself out there and never stop learning. Don’t be afraid to ask so-called ‘stupid questions’ because there are no stupid questions. Everything is a learning opportunity.

The national winner of the Young Broker of the Year Award will be announced on 10 October 2023, at the NIBA Gala Dinner and Awards, following the 2023 NIBA Convention.

30 / INSURANCE ADVISER OCTOBER 2023

The Young Broker of the Year Awards are proudly sponsored by Vero

WINNER OF THE WA YOUNG BROKER OF THE YEAR AWARD Account Executive, Aviso WA Insurance Brokers NIBA.COM.AU / 31

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FEATURE / Travel and Tourism

JETTING OFF… WITH CAUTION With travel increasingly on the cards, corporate and personal travel insurance presents opportunities for brokers, while it’s a good time for tourism operator clients to review their operations too.

By MARTIN WANLESS

34 / INSURANCE ADVISER OCTOBER 2023

FEATURE / Travel and Tourism

NIBA.COM.AU / 35

FEATURE / Travel and Tourism

W

hether you’re dealing with corporate or personal travel, or working with clients that provide tourism services, there’s a lot to contend with in the travel and tourism industry.

There’s no doubt that international travel has been on the increase over the past 18 months or so. The latest figures from the Australian Bureau of Statistics (ABS) show that in July 2023, short-term visitor arrivals were more than 625,000 – up by 299,440 when compared to July 2022, while shortterm resident returns stood at 995,580, up by 324,540 the previous year.

And yet, with people still keen to make up for lost time, and the possibility of an outbreak of a new COVID-19 variant seemingly never too far away, travel isn’t as straightforward as perhaps it once was.

Clinton Hall, National Accident and Health Manager at Solution Underwriting says, “Since restrictions were lifted, we have seen an increase in the number of people travelling, and these levels are back, if not higher, to pre-COVID-19.

36 / INSURANCE ADVISER OCTOBER 2023

“HOWEVER, AS WE ARE STILL IN A PANDEMIC, COVER REMAINS NOT ONLY RELEVANT, BUT VITAL. SOME UNDERWRITERS HAVE EVOLVED COVERAGE TO ENSURE IT’S TREATED AS A STANDARD INCLUSION.” – CLINTON HALL, NATIONAL ACCIDENT AND HEALTH MANAGER, SOLUTION UNDERWRITING

“However, as we are still in a pandemic, cover remains not only relevant, but vital.

Some underwriters have evolved coverage to ensure it’s treated as a standard inclusion.”

And, as people’s appetite for travel grows, there’s an increasing desire to mix business with pleasure – which, from an insurance perspective at least, creates problems.

Personal staff leisure travel (not associated with business travel) is also a challenge for the market, and claims continue to be problematic and disproportionate in this area,” confirms Anita Lane, Director at Solution Underwriting.

“It would be helpful for brokers to clarify with clients the difference between business or business associated with

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FEATURE / Travel and Tourism

leisure to standalone private leisure travel, ultimately ensuring all trips are declared correctly.”

PERSONAL TRAVEL – AN OPPORTUNITY FOR BROKERS?

DO NOT TRAVEL! Knowing where your clients are travelling to – and why – is essential. At the time of writing (September 2023), there are 20 countries listed as ‘Do not travel’ on the government’s Smartraveller website, while 10 more are listed as ‘Reconsider your need to travel’, and more than 80 have ‘Exercise a high degree of caution’ advice.

Emily Dickens and Rachel Anderson, Accident and Health Underwriters at Solution Underwriting say, “Brokers should question where their client is travelling to and the need to be travelling to that country. Is there a different way to do their role rather than travel to a ‘Do not travel’ area?

For example, white-collar employees could fulfil their role virtually.

“The client may have inadequate cover under some of the applicable sections of a Corporate Travel Policy when travelling to a ‘Do not travel’ area.”

The travel bug is certainly impacting the personal travel insurance sector – and it’s an area of opportunity for brokers.

Brokers currently have less than 10 per cent market share of the leisure travel insurance market, according to an IbisWorld report from October 2022, despite being in an excellent position to help their clients find a suitable policy for their travels and provide guidance around cover.

“While travellers are more aware of the need for travel insurance post-COVID-19, research has shown that 68 per cent of Australians incorrectly believe that the government would aid in the event of a medical emergency overseas,” says Liz Telford, Chief Commercial Officer from PassportCard.

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FEATURE / Travel and Tourism

“This highlights the opportunity for brokers to educate their clients about the importance of having travel insurance.

“This is the first time in the past three years that we’ve been able to travel overseas relatively free of COVID-19 restrictions.

“Most destinations have dropped the requirement for tourists to show evidence of COVID-19 vaccination to gain entry, and with health officials around the world downgrading the danger of COVID-19, it’s unlikely there’ll be another global travel ban.

“However, there is a risk that someone might get COVID-19, so it’s important to know exactly what is and is not covered by their travel insurance.”

CHALLENGES FOR TOURISM OPERATORS AS WELL

Not only does an increase in tourists and travellers increase demand for both corporate and personal travel insurance, it also has a consequential impact on C_1718126_AboutUnderwriting_PrintAd_091423.pdf tourism operators.

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FEATURE / Travel and Tourism

ACCIDENT HAS A LIFE-LONG IMPACT A client travelled to Vanuatu in February 2020, and during his stay at a resort had an accident, slipping on swimming pool tiles, resulting in multiple injuries.

Recognising the severity of his condition, immediate measures were taken to airlift the customer from Port Vila, Vanuatu, to Brisbane.

An air ambulance transfer was organised, and the cost of almost $55,000 was covered. After a thorough medical evaluation, it was determined that the injured client had become quadriplegic.

Throughout the entire claims process, PassportCard worked diligently to engage with the broker and ensure that all applicable additional benefits under the policy were paid promptly. PassportCard honoured the permanent total disablement benefit of $1 million in August 2020, disregarding the standard waiting time of 12 months as stipulated in the policy. PassportCard also paid home modification expenses of $17,000.

Case Study provided by PassportCard.

Like many in the service industry, tourism operators did it extremely tough during COVID-19 lockdowns, and as they’re truly back in the swing of things, it’s essential that all aspects of the business have been reviewed and evaluated.

Recent incidents, for example, the tragic bus accident in the Hunter Valley, NSW, and the helicopter crash on Queensland’s Gold Coast, served as harsh reminders to ensure that any business a client is recommending or subcontracting to has adequate public liability insurance.

“If you arrange travel or events for clients, you may have some responsibility and a duty of care for the 42 / INSURANCE ADVISER OCTOBER 2023

supplier, even though you’re not delivering those services yourself,” says Michael Truong, Senior Account Executive at Gow-Gates.

“For any supplier you’re dealing with, you need to have evidence of a valid public liability policy, typically in the form of a Certificate of Currency, that has limits that are in line with the potential risk.

“It doesn’t matter if they’re well established and reputable, or they’re new to the market – if you find out they don’t have relevant and current insurance, there’s a strong argument that you haven’t fulfilled your responsibility as a booking agent, and it could leave you open to a claim.”

“THIS IS THE FIRST TIME IN THE PAST THREE YEARS THAT WE’VE BEEN ABLE TO TRAVEL OVERSEAS RELATIVELY FREE OF COVID-19 RESTRICTIONS” – LIZ TELFORD, CHIEF COMMERCIAL OFFICER, PASSPORTCARD

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FEATURE / Farm and Agriculture

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FEATURE / Farm and Agriculture

PROTECTING THE FUTURE OF FARMING With El Niño already causing problems for farmers, it’s essential that those sometimes overlooked risks are fully covered.

By MARTIN WANLESS

NIBA.COM.AU / 45

FEATURE / Farm and Agriculture

F

armers across the country have been keeping an incredibly close eye on the Bureau of Meteorology’s monthly forecasts over recent months, and news of the imminent El Niño has caused a significant amount of uncertainty after a strong period following the ‘Black Summer’ of 2019/20.

The probability of El Niño means conditions in certain areas of the country – particularly northern NSW and Queensland – will become increasingly tough, with a lack of rain and warm, dry conditions causing a number of consequential issues.

As farmers balance this prospect with increasing premiums due to inflation and supply chain issues we are all experiencing, affordability heading into a period of significant risk becomes a major issue.

“Income pressure combined with pricing has resulted in farmers cutting back their insurance coverage, and there is an increasing amount of assets not being covered,” says James Hooper, Managing Director of Rural Affinity.

“The biggest issue with El Niño is a generally poorer financial performance for many farmers and the associated affordability impact. Farmers tend to reduce coverage at a time when their ability to deal with an uninsured loss is at its lowest.”

“THE PROBABILITY OF EL NIÑO MEANS CONDITIONS IN CERTAIN AREAS OF THE COUNTRY – PARTICULARLY NORTHERN NSW AND QUEENSLAND – WILL BECOME INCREASINGLY TOUGH, WITH A LACK OF RAIN AND WARM, DRY CONDITIONS CAUSING A NUMBER OF CONSEQUENTIAL ISSUES.”

THE VERY REAL WEATHER THREAT

The impact of El Niño could be exasperated by the wetter conditions we’ve experienced over recent years. While El Niño brings dry, hot weather, significant rainfall accompanies its counterpart La Niña – and the combination of the two creates significant fire risks.

“It is now generally accepted that there is a higher-than-average chance of Australia moving into a period of El Niño, which will bring hotter, drier weather conditions, along with a decrease in rainfall,” says Tim Stanford, Director at FIS Insurance Services.

“This will most likely lead to an increase in bushfire risk. Farmers should now be carefully looking over their insurance schedules and checking whether the sums insured they have is adequate to cover the cost of a complete rebuild, as any property fires will more likely than not lead to a total loss scenario. With building prices continuing to increase, it is very important to regularly check the values.”

Hooper says, “We certainly face an increased fire risk as farm insurers this summer.

46 / INSURANCE ADVISER OCTOBER 2023

CASE STUDY:

TRANSIT COVER HELPS FARMER RECOVER HAY LOSS Transit cover on farm insurance policies provides cover for the goods that are owned by the farmer – such as hay or livestock – while the goods are in transit.

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Not only was the truck severely damaged by the fire, but the load of hay was also destroyed.

The truck was covered under a comprehensive motor insurance policy, however, this insurance doesn’t pick up the loss of the goods being transported.

Fortunately, the farmer had transit insurance on his policy and was able to successfully claim the cost of the hay, which was approximately $10,000.

Case study provided by FIS Insurance Services.

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FEATURE / Farm and Agriculture

“THE FARMING INDUSTRY IS MADE UP OF A GREAT VARIETY OF OPERATIONS IN TERMS OF SIZE, AND WE’VE SEEN A LOT OF SELF-EMPLOYED, SMALL BUSINESSES – AT A TIME OF UNCERTAINTY IN THE ECONOMY WITH INCREASED INTEREST RATES AND COST OF LIVING – BECOMING MORE AWARE OF NEEDING THIS TYPE OF COVER.” – DAVID FOGARTY, MANAGING DIRECTOR OF POINT INSURANCE “However, that is more as a result of the previous La Niña than the pending El Niño. Grass fire risk can be partially mitigated by putting in fire breaks and having firefighting equipment ready to respond in the event a fire begins.”

The risk mitigation component is hugely important – and it’s set to be a significant focus for insurers.

“Where farmers are now wanting to increase cover for high fire exposed elements

such as fencing, livestock and increased costs, we will be asking questions about fire mitigation actions the farmer has taken in the face of this increased risk,” confirms Hooper.

Stanford says farmers should also be checking whether they have sufficient cover on other farm assets such as irrigators, as these items can easily be damaged by strong winds and storms.

“Farmers that use pumps to irrigate their crops should always look at having

machinery breakdown cover as it is vital to get pumps and motors replaced and working as soon as possible,” he says.

DON’T FORGET ABOUT THE NUMBER ONE RISK

In addition to the current challenges farmers face, is the ever-present threat of injury – or illness. Farming’s a very manual job, so the risk is real, and as farmers are generally self-employed, they’re just one accident or incident away from being laid up for a period of time.

David Fogarty, Managing Director of Point Insurance, says scenarios like this are driving an increasing number of farmers to explore agreed value accident and sickness cover, which doesn’t require proof of income come claim time.

“The cost of insurance generally has been increasing quite significantly for some time, and farmers are very aware of costs – they are very astute at taking up the right insurances for their farms and businesses, and the insurances that they get benefit from.

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FEATURE / Farm and Agriculture

“The farming industry is made up of a great variety of operations in terms of size, and we’ve seen a lot of self-employed, small businesses – at a time of uncertainty in the economy with increased interest rates and cost of living – becoming more aware of needing this type of cover.”

CONVERSATIONS WITH FARM INSURANCE CLIENTS

Having the right preventative tactics in place, underpinned by the right insurance policies, is critically important for all businesses and individuals, and Nikki Dunnet, Senior Development Underwriter at Rural Infinity says brokers have an incredibly important role to play.

“It’s important for brokers to provide advice around adequately preparing for the summer ahead,” she says.

“Insurers are going to be vigilant around adverse selection given the high-risk season to come, and an appropriate level of insurance at the time of renewal is essential.”

Stanford says that the less obvious risks are a good topic of conversation during renewals.

“Farmers often look to reduce the cost of premiums by not insuring items such as quad bikes, ATVs and motorbikes.

However, we recommended that these items be fully covered,” he says.

Comprehensive cover not only covers for accidental damage to the items but, importantly, provides theft cover.

There has been a noticeable increase in the theft of these types of items, which can easily be moved from properties and sold on.”

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FEATURE / Farm and Agriculture

CASE STUDY:

BUSHFIRE LOSS DURING THE 2019/2020 CHRISTMAS/NEW YEAR PERIOD The insured are primarily beef cattle graziers, situated on approximately 800 hectares of land in NSW. This claim was reported following the destruction of the insured property by bushfire on 30 December 2019, where a fire destroyed fencing, above-ground domestic water pipes, a hay shed and baled hay.

The insured also incurred additional costs associated with the agistment of cattle due to loss of pasture.

Several days prior to the loss, a fire commenced, burning some 29 kilometres away. Media reports suggested that this fire was ignited by a lightning strike, which was later verified by the NSW Rural Fire Service.

On 29 December, the insured received a warning from the Fire Service that the fire would likely impact their farm. They suggested preparations be made to either stay and protect the property or evacuate.

With the assistance of family and friends, the insured relocated livestock and machinery to areas of the farm

52 / INSURANCE ADVISER OCTOBER 2023

that were considered less likely to be affected by the fire and prepared firefighting equipment with the view to staying and fighting the fire.

On the evening of 30 December 2019, the fire breached the insured’s boundaries and with the assistance of firefighting equipment, the insured was able to protect the homestead and livestock from the fire.

As a result of the fire, Sections 1 (Domestic Building and Domestic Contents) and 2 (Farm Property & Machinery) responded to the claim.

Under Section 1, several hundred metres of above-ground poly water pipe supplying tank water to the homestead was burnt and required removal and replacement. The water tank itself, as well as the home, sustained smoke damage, and various domestic items, such as an air conditioning unit, required replacement.

The largest losses were incurred under Section 2, with a hay shed, hay bales and a large amount of fencing completely destroyed by the fire. This

required removal and replacement, which accounted for a large portion of the claim. The insured’s policy had an Optional Benefit for Increased Costs included, and this provided for the additional expenses associated with the agistment of livestock due to loss of pasture caused by the fire. It was estimated by the loss adjuster that approximately 80-85% of the insured’s pastures were burnt and retained no nutritional value to livestock. This was certainly a major learning to be highlighted from this claim.

This claim was settled and finally completed in May 2021. Due to the widespread damage over the 2019/2020 bushfire disaster in this area, contractors and materials were difficult to secure, and as such, finalising all the works took time. The insured had adequate cover with accurate sums insured, and a final settlement amount of $500,000 was paid across the two sections of the policy affected.

Case study provided by Rural Affinity.

FEATURE / Farm and Agriculture

2021 2020 2019 2018 2017 2016

Making a real difference to the way insurance is provided to the Not for Profit Sector

With more than $7.4m in donations so far, we are making a real difference to the way insurance is provided to the Not for Profit sector.

Insuring Not for Profits - it’s all we do

NIBA.COM.AU / 53

COMMUNITY HUB

COMMUNITY HUB OCTOBER 2023

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

INDEX AB Phillips ...................................................... 54 AIBI.................................................................... 55 Australasia Underwriting......................... 55 QPIB.................................................................. 55

Moran Insurance Brokers......................... 56 MGA Insurance Group.............................. 56 Affinity Insurance Brokers........................57 Newline Group..............................................57

Wellington Underwriting......................... 58 Pollard............................................................... 58 QPIB.................................................................. 58 ASR.................................................................... 59

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

54 / INSURANCE ADVISER SEPTEMBER 2023

COMMUNITY HUB

�aibi

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

The difficult made easy

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

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

Apply online at niba.com.au or email Scott Raymond, NIBA’s Membership Engagement Manager at sraymond@niba.com.au

IN

D PRAC IE T IF

ING IS

QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

– CRAIG ANDERSON, 2018 YOUNG PROFESSIONAL BROKER OF THE YEAR

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NIBA.COM.AU / 55

COMMUNITY HUB

56 / INSURANCE ADVISER OCTOBER 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

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 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

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

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

Apply online at niba.com.au or email Scott Raymond, NIBA’s Membership Engagement Manager at sraymond@niba.com.au

IN

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QPIB

S

58 / INSURANCE ADVISER OCTOBER 2023

D PRAC IE T IF

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QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

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

NCE BR

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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 15 September 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

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

Ansvar Insurance Limited

A-/STABLE

Partners Life Limited

A/STABLE

First American Title Insurance Company of Australia Pty Limited

A/STABLE

Pinnacle Life Limited

B+/STABLE

General Reinsurance Australia Ltd

A++/STABLE

PROPERTY/CASUALTY

Guild Insurance Limited

A-/STABLE

Accuro Health Insurance Society Limited

B/STABLE

Pacific International Insurance Pty Limited

B++/STABLE

A+/STABLE

The Hollard Insurance Company Pty Ltd

A-/STABLE

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

The New India Assurance Company Limited (Australia Branch)

Beneficial Insurance Limited

B++/STABLE

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.

60 / INSURANCE ADVISER OCTOBER 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

INSURER STRENGTH RATINGS

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-/POSITIVE

Insurance Australia Ltd.

AA-/STABLE

Liberty Mutual Insurance Company Limited

A/NEGATIVE

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 18 September 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-/POSITIVE

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-/POSITIVE Munich Reinsurance Co. of Australasia Ltd.

AA-/POSITIVE

Pacific Life Re (Australia) Pty Ltd

AA-/STABLE

QBE Blue Ocean Re Ltd.

A+/STABLE

RenaissanceRe Europe AG

A+/STABLE

RGA Reinsurance Co. of Australia Ltd.

AA-/STABLE

SCOR Global Life Australia Pty Ltd.

A+/STABLE

SCOR Reinsurance Asia Pacific Pte Ltd.

A+/STABLE

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

AA-/STABLE

Swiss Re International SE

AA-/STABLE

Swiss Re Life & Health Australia Ltd.

AA-/STABLE

Transatlantic Reinsurance Company

AA+/STABLE

* See page 63 for S&P Global disclaimers and additional information

62 / INSURANCE ADVISER OCTOBER 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.