Insurance Adviser October 2024

OCTOBER 2024

STEPPING INTO THE SPOTLIGHT with your 2024 Young Broker of the Year Award state winners

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CONTENTS October 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

FEATURES 12 GOING BEYOND THE STATUS QUO AT THE 2024 NIBA CONVENTION

Coming together as one community at broking’s flagship event

NIBA Editor Virat Nehru

Editorial enquiries

E: editor@niba.com.au

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

Design

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

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

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

22 STEPPING INTO THE SPOTLIGHT With the 2024 Young Broker of the Year Award state winners

NIBA.COM.AU / 3

CONTENTS October 2024

FEATURES 34

FUN-PACKED, RISK-PACKED

Reputation management is becoming increasingly important in tourism

IN EVERY ISSUE

42

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

EVENTS Upcoming Events ........................................... 8

FARMING’S NEW DAWN

Facing challenges, farmers are looking to diversify income streams

REFERENCE Community Hub .......................................... 50 Ratings ........................................................... 54

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BAIS.............................................................41 Liberty........................................................45 Zuich........................................................... 47 BMIA...........................................................49 CGU...................................................... OBC

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CEO / Welcome

GOING BEYOND THE STATUS QUO

S

ince the previous update in last month’s issue, there have been important developments around key issues in the marketplace. NIBA has continued to work closely around workers compensation with our key stakeholders such as the Insurance Council of Australia (ICA) and WorkCover WA to help simplify the system.

There have been substantive issues around strata that have come to light post the airing of the ABC Four Corners program ‘The Strata Trap’ last month. This is an evolving issue, but NIBA is well-positioned to help shape and guide insurance brokers, so they remain committed to professionalism, transparency, and ethical behaviour and keep delivering better outcomes for consumers as per their obligations under the Code.

There have been a couple of important reports issued by the Insurance Brokers Code Compliance Committee (IBCCC), including the 2023 Annual Data Report. It provides the insurance broking profession with a valuable opportunity to reflect on the success of the self-regulatory framework and identify areas where consumer outcomes can be improved.

In particular, NIBA is encouraged to see that the number of brokers reporting breaches continues to increase. This reflects a growing commitment across the profession to transparency and accountability and recognition of the importance of self-identification and reporting.

The NIBA Convention is right around the corner. The flagship event of the profession, this is when we come together as ‘one voice, one community’ to showcase the best of our professionalism to key stakeholders across the marketplace and the wider insurance industry.

I look forward to engaging with the breadth and diversity of our broking community as it converges under one roof over two-and-a-half days to learn, share, connect, and unpack the key future trends facing our profession. This year, we’re calling on the community to go “Beyond the Status Quo” in embracing innovation, being adaptable and staying ahead of the curve.

The Convention is not only an opportunity for us to learn and connect, but it’s also a platform for us to celebrate the leading talent that’s elevating the standards of professionalism across the sector. At the NIBA Gala Dinner and Awards night, we shall reveal the winners of the national Vero partnered Young Broker of the Year and

6 / INSURANCE ADVISER OCTOBER 2024

the CGU partnered Broker of the Year awards, along with the 2024 Insurer Awards and this year’s Lex McKeown recipient. We shall also unveil the winners of the Sedgwick partnered NIBA Claims Broker of the Year award and the Liberty Specialty Markets partnered NIBA Community Excellence Member of the Year award.

In this issue, you’ll have a chance to read more about our five national finalists for the Vero partnered Young Broker of the Year award. I’d like to congratulate all the five finalists and wish them the best of luck. The awards program is a fantastic platform for us to showcase the depth of our upcoming broking talent, and I’d like to thank Vero for being a long time partner in this journey which completes 35 years in 2024.

Looking ahead, we’re very close to starting the formal Code review process for 2025, and as we head into November, it also signals the beginning of the new financial year for NIBA. I look forward to meeting and engaging with you in Adelaide at the Convention.

RICHARD KLIPIN Chief Executive Officer, NIBA

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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 the QR Code to register for the upcoming state events.

HALLOWEEN EDITION

NOV

NOV

01

08

VICTORIA

QUEENSLAND

NIBA Vic Halloween Event

NIBA Qld Annual Halloween Event

Eat, Drink & be Scary!

Trick or Treat!

Sneak past the library, find the secret door and descend down the staircase into the cellar bar - ‘Fall from Grace.’ This candle-lit lounge provides the perfect platform to network and make valuable connections with other young professionals in our industry at this year's NIBA Vic Halloween Event.

Join us for the thrilling Annual NIBA Qld Halloween Event for Young Professionals. Prepare to unleash your most imaginative alter ego and transform into all things that go bump in the night. Embrace the spooky season this year and immerse yourself in the Italian-inspired bar with great vibes and a spectacularview of the river, at ‘Bar Pacino’.

Once you step inside this hidden gem you will be immediately transported back in time to a 1920s saloon with charming service and spectacular European-inspired food. A unique setting that creates an ambiance like no other.

This event provides the perfect icebreaker to expand your network and make valuable connections with other industry professionals.

What can you expect?

This is the one night of the year where you can transform into anything you want to be. Whether it’s scary, funny, crazy, or just comfy, anything goes at this fun event designed to relax and engage with others in our industry after a busy year.

Join other young professionals for this year’s biggest networking event in Melbourne. This is an event not to be missed.

Register Now

• Scrumptious food (A taste of Italy) • Tantalising drinks • Infectious beats • Spooky atmosphere And of course, it wouldn’t be Halloween without a Costume Competition! This year we have prizes to be won for 3 x categories: Most Spooky, Most Creative and Overall best dressed. Winners will be announced on the night by our NIBA Committee and our silver sponsor – HDI Global.

Register Now

Venue: State of Grace (Fall from Grace Room)

Venue: Bar Pacino (The Storey Bridge Room)

Tickets: NIBA Members: $30 + GST Non-Members $40 + GST

Tickets: NIBA Members: $30 + GST Non-Members $40 + GST

8 / INSURANCE ADVISER OCTOBER 2024

NIBA / Events

NIBA’S STATE EVENTS

NIBA hosts various educational and social events across Australia for the intermediated insurance community.

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

2024 NIBA MENTORING PROGRAM

Learn | Inspire | Grow Last month, participants heard from a diverse panel of industry experts who shared their insights, experiences and a wealth of knowledge of our profession. Mentees came prepared with their thoughtful questions and engaged in meaningful conversations during this inspirational workshop.

10 / INSURANCE ADVISER OCTOBER 2024

INSURANCE BROKERS

NIBA / Events

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 NIBA.COM.AU / 11 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.

NIBA / Convention

THE GREAT DEBATE

IS BACK BY POPULAR DEMAND A must-attend session and a Convention highlight, ‘The Great Debate’ is back by popular demand. The motion in front of the House this year is: “Insurance brokers ‘must’ transition to a digital-first model to survive in the next five years. Only those who adopt a digitalfirst approach will meet the evolving demands of clients and remain competitive.”

This promises to ignite an entertaining, engaging and insightful debate about the future of insurance brokers.

Representatives from the wider insurance industry and the broking community will go head-to-head as they try to put up

12 / INSURANCE ADVISER OCTOBER 2024

convincing arguments for and against this statement. The debate will feature participants from two teams, each comprising a mix of insurers and brokers.

The affirmative team will persuade the audience that a digitalfirst approach is a must for insurance brokers in the future of work.

Meanwhile, the negative team will put up a strong case against this idea. The winning team will be crowned at the end of the debate through audience vote!

With 51 speakers, 21 sessions, and around 800 delegates, you’ll engage with and hear from leading politicians, entrepreneurs, industry thought leaders and more.

NIBA / Convention

NIBA.COM.AU / 13

NIBA / Convention

CELEBRATE THE WINNER OF THE 2024 NIBA CLAIMS BROKER OF THE YEAR AWARD The 2024 NIBA Claims Broker of the Year Award, proudly sponsored

by Sedgwick, acknowledges the exceptional contributions made

by NIBA members working within claims as part of the insurance broking profession.

Join your peers in celebration as we reveal this year’s winner of the award. Here’s what last year’s winner Charmaine Field, Claims Manager at NQIB, had to say about her experience.

“Winning the 2023 NIBA Claims Broker of the Year Award, which is proudly sponsored by Sedgwick, is the gift that keeps giving,” said Charmaine. “It has boosted my credibility and opened

new opportunities and business connections. As a result of the award, I was nominated for and named one of the 2024 Elite Business Women.

“As part of the NIBA Claims Broker of the Year Award, I

attended the 2023 NIBA Convention on the Gold Coast last year,” Charmaine added. “It was a great opportunity to learn more about our profession and continue my growth and development.”

CELEBRATE THE WINNER OF THE 2024 NIBA COMMUNITY EXCELLENCE MEMBER OF THE YEAR AWARD The 2024 NIBA Community Excellence Member of the Year Award, proudly sponsored by Liberty Specialty Markets, aims to recognise NIBA Members who have made exceptional efforts in helping clients or positively contributing to their community.

Here’s what last year’s winner Paula Cruden, Managing Director at Integrite

Insurance, had to say about her experience.

“It hasn’t been without its challenges, but working with NFP clients is very rewarding, and I found that the insurance broking industry has a wonderful community spirit. I’ve made many friends at the NIBA educational and social events, and I have an amazing mentor and family, so I feel well supported,” said Paula.

CELEBRATE EXCELLENCE IN INSURANCE That’s not all. At the NIBA Gala Dinner & Awards Night, we’ll come together as one community to celebrate the standout achievers in insurance over the past 12 months.

These awards include: • 2024 Vero-Partnered National Young Broker of the Year • 2024 CGU-Partnered National Broker of the Year

14 / INSURANCE ADVISER OCTOBER 2024

•2 024 Large General Insurer of the Year •2 024 Underwriting Agency of the Year •2 024 Specialty Insurer of the Year •2 024 Lex McKeown Trophy Recipient

NIBA / Convention

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NIBA / Member Benefits

is proud to present a The Making of anNIBA Insurance Leader – first-of-its-kind initiative to Passion, Perseverance andbroking Service promote insurance as a career of choice, Insure Your Future.

Tony De Conno’s mantra is “What you do in the morning, you never do in the afternoon”

As he celebrates 59 years in the insurance industry and a successful business, The aim of the initiative is to promote a shares career, his attract more Adelaide-based De Conno & Blanco insurance Insurancebroking Brokers,ashe insights people into the profession and increase on how time flies when you’re having theinformation time of your life! resources and available about the profession.

NIBA’s dedicated Insure Your Future Committee will keep you updated on the project’s progress.

Do you have ideas or thoughts on what we should include?

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.

Starting out Tony had a short stint at the ATO, before being attracted to the vibrancy of the large National & General Insurance firm in Adelaide.

industry. My most memorable experience was when I was sent to Darwin for five weeks after Cyclone Tracey in 1974. The devastation was everywhere, and everyone needed help.”

“The people in insurance had a youthful spark (still do) and I quickly progressed up the ranks to become a Claims Manager,” Tony said. “I worked there for about 10 years, and it gave me the opportunity to meet a lot of business people in Adelaide. Relationships matter in the insurance

The stepping stone to being a broker Tony often admired the brokers he knew, and after a two-year stint as an agent for the company that he had worked for, he applied for an insurance brokers’ licence. In 1978, he set-up a business with Peter Blanco.

18 / INSURANCE ADVISER OCTOBER 2024

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NIBA is proud to present a first-of-its-kind initiative to De Conno & Blanco Insurance Brokers had Tony’s unwavering dedication to the industry promote insurance broking humble beginnings with Tony and Peter doing was recognised when he won the NIBA Broker as aofcareer of choice, all the work, supported by their wives in the the Year (SA/NT) in 2014.

Insure Your Future. office. In time, they bought their own office Passing the baton Tony, who turned 80 in September, still enjoys to work, but made a change about 12 The going aim of the initiative is to promote years ago to makeas the a littlemore easier. insurance broking a day-to-day career, attract “Starting our own business was a leap of faith people He and Peter sold the business to their sons, into the profession and increase and at times challenging,” Tony explained.

Mark De Conno and David Blanco.

Thatabout they resources and information available “We focused on personal service and building the profession. both had sons interested in doing the hard trust which has been fundamental to our yards to study and develop their skills and business success. knowledge in the insurance industry, was NIBA’s dedicated Insure Your Future another stroke of luck.

Committee will keep you updated on the project’s progress.

“While I also think we had a lot of luck in the business being in the right place at the right Best advice time, my parents who are of Italian heritage, “My advice to anyone wanting to get into Do you have ideas or thoughts on what we should include? instilled a strong work ethic in me,” Tony added.Have insurance broking is to build-up a diverse body you seen something similar being done well elsewhere?

Or doof you just want totake find out more about the in initiative “I believe if you work hard, you’ll earn the knowledge, an active interest your and how you can get involved? rewards, and I gave 100 per cent. Being of Italian clients, and provide personalised service,” Tony background turned out to be an asset too, as it Pleasesaid.

“There is much to love about insurance email info@insureyourfuture.com.au or contact your state broking, NIBA Committee representative. helped to attract many Italian clients.” from the variety of work, to the great people you meet.”

NIBA makes a difference “One of the best insurance industry innovations Work to live that has occurred during my time is the Tony works hard, but also enjoys the fruits of introduction of the National Insurance Brokers his labour. He enjoys time spent at his holiday Association (NIBA) in 1982,” Tony said. “It has really home at Walkers Flat, water skiing on the enhanced the professionalism and comradeship Murray River, and he has had many memorable of the industry. I value personal contact, and NIBA overseas trips with his family, including snow opens doors for members to share knowledge skiing in Japan and South America. On winter and learn a lot from other people, while keeping escapes, there’s nothing Tony likes more than abreast of the latest rules and regulations. I also skiing down the slopes at Falls Creek, most served on the NIBA Committee in the early years.” recently clocked at 71km per hour! premises, which was a former Commonwealth Bank building in St Peters, Adelaide, and today, there are 18 staff.

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COVER STORY / 2024 Young Broker of the Year Award State Winners

STEPPING INTO THE SPOTLIGHT

with your 2024 Young the Year Award state

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

Broker of winners

Meet the young leaders who are broking’s future As technological disruption becomes part and parcel of our lives, what clients look for in a trusted broker will continue to evolve. Our cohort of ambitious young leaders, striving to uphold the highest standards of professionalism, are more than ready for this challenge.

LEFT TO RIGHT:

Nikita Willis, Steve Richards, Emily-Rose Srbinovska, Jodie Krafft, Lachlan Birrell

Before the national Young Broker of the Year is revealed at the NIBA Convention, Insurance Adviser caught up with the 2024 state winners to get their view on where broking is headed, things that appeal to them about the profession, and learnings that have helped them in their career journey so far.

NIBA.COM.AU / 23

COVER STORY / 2024 Young Broker of the Year Award State Winners

Nikita Willis WHAT DOES THE FUTURE OF INSURANCE BROKING AND THE ROLE OF A BROKER LOOK LIKE?

We are poised to undergo significant transformation in the next 5-10 years, particularly considering the impact of climate change and increasing frequency of natural disasters on affordability. As these challenges intensify, the role of a broker will become even more crucial.

However, I envision this to be more than just in the traditional, technical sense. These challenges are not just environmental but also deeply human, affecting lives, communities, and businesses in profound ways.

If there is one thing I have taken from the Vero Young Broker program so far, it is that our empathy is one of the most important attributes we have. In the face of these events, clients will need more than just policy advice; they will need understanding and compassion.

IS THERE A BROKING PHILOSOPHY OR MANTRA THAT YOU LIVE BY?

The philosophy I live by is centred around building trust and genuine relationships with people. For me, this is best captured by “The Trust Equation,” which really simplifies how to build trust - with credibility, reliability, intimacy, and low self-orientation.

Credibility means staying well-informed and confident in my expertise, ensuring clients can rely on my advice.

It can be challenging to prove your credibility as a young broker, but even if you do not know everything, simply knowing your limits and when to ask for help does wonders.

Reliability is about consistently delivering on promises— being there when clients need me, whether for a claim, a renewal, or simply to answer a question. Intimacy is about prioritising open communication, showing clients that I genuinely care about their needs and concerns, and creating a sense of partnership. Low self-orientation is about focusing on the client’s best interests, not just closing a deal. This is key, particularly in the current regulatory environment, where clients are increasingly educated on how the industry operates and how we are remunerated.

AS A YOUNG BROKER, WHAT ARE THE THINGS THAT APPEAL TO YOU ABOUT THE PROFESSION THAT OTHERS OUTSIDE MIGHT NOT KNOW ABOUT?

Broking has such a strong support system for young professionals. The industry is particularly encouraging of young talent, offering plenty of opportunities to learn, grow, and advance. There has never been a time in my career when I felt stuck or stagnant. Standing up and saying you want to progress will never be looked upon unfavourably in this industry.

What many might not realise is the profound difference we can make in people’s lives. Whether it is assisting clients

24 / INSURANCE ADVISER OCTOBER 2024

through the complexities of claims or taking the time to understand and appreciate their business, the role allows us to provide meaningful support in ways that others might not consider. The sense of purpose offered is highly rewarding.

This is why I love the SME space so much – You are, more often than not, speaking to people who have built a business from the ground up to support their families.

WHAT HAVE BEEN SOME OF YOUR KEY LEARNINGS SO FAR IN YOUR CAREER?

The first thing that comes to mind is that no one knows everything! I remember early in my insurance career, listening to the phone calls and conversations happening around me, thinking ‘how do they just know all of this?’

I still have those moments all the time, even after all the learning I have done over the years. The challenge is to flip from thinking there is something wrong with you, or that you do not know enough, and reflect on how far you have come.

There is so much opportunity to learn in this industry, and you will be learning your entire career. You can never know everything, and that is a good thing! There will be plenty of people who listen to you over the years and think, ‘how do they just know all of this?’ I would encourage anyone starting in insurance broking to be a sponge.

Listen closely to what is going on around you, write down the things you do not understand so you can revisit them later, ask an annoying number of questions, and generally bother your colleagues until they teach you everything you want to know.

The other key learning for me is that the more effort, time, and energy you invest in this industry, the greater the rewards – often far beyond what you might expect. Early on, I underestimated how significant it is to say yes to every opportunity that comes your way, whether that is taking on new projects or volunteering for industry events.

IF YOU WERE TO BE CROWNED THE NATIONAL YOUNG BROKER OF THE YEAR WINNER, WHAT WOULD THAT RECOGNITION MEAN TO YOU?

It would be an incredible honour and a significant milestone in my professional journey, representing not only a personal achievement but also recognition of the incredible mentors and colleagues I have had. To get this far and be able to participate in the program is an experience I will never forget, and a huge privilege.

Winning this award would carry a great sense of responsibility. I would aim to use the platform to advocate for the values that I believe are crucial to the future, particularly in areas such as climate change resilience, ethical decision-making, and diversity and inclusion.

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

WINNER OF THE WA YOUNG BROKER OF THE YEAR AWARD Commercial Manager, Knightcorp Insurance Brokers NIBA.COM.AU / 25

COVER STORY / 2024 Young Broker of the Year Award State Winners

WINNER OF THE NSW/ACT YOUNG BROKER OF THE YEAR AWARD Senior Account Manager, Austbrokers Canberra 26 / INSURANCE ADVISER OCTOBER 2024

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

Emily-Rose Srbinovska WHAT DOES THE FUTURE OF INSURANCE BROKING AND THE ROLE OF A BROKER LOOK LIKE?

The future of insurance broking is an important and dynamic landscape, especially for young professionals who are passionate about the industry and eager to adapt. Our generation seems to handle general change more effectively than any other, likely because we’re constantly dealing with new apps or software updates. We embrace digital transformation and enjoy learning new tools—especially when they are practical and purpose-driven.

For those of us enthusiastic about shaping the future, this is our moment to shine. By embracing cutting-edge technologies within the Insurtech space and using data analytics, we can revolutionise the way we serve clients.

Offering value-added services, such as risk management consulting and educational initiatives, will further set us apart. The road ahead is promising, and together, we can lead the way in making insurance a transformative force for good in the lives of our clients and their businesses.

IS THERE A BROKING PHILOSOPHY OR MANTRA THAT YOU LIVE BY?

My guiding principle is ‘Service Beyond Your Duty’. This philosophy reflects a deep commitment to exceeding client expectations and delivering exceptional service at every opportunity. It involves actively understanding clients’ unique needs and challenges, then working diligently to provide tailored solutions that truly serve their best interests—whether that means finding the right coverage, navigating complex claims, or offering proactive risk management advice.

‘Service Beyond Your Duty’ is more than a phrase; it is a commitment to making a meaningful impact in the lives of clients, ensuring they feel supported and valued at every step. I truly love business, and I love talking to clients about their company, their challenges and their goals. In this rapidly evolving landscape, it is this initiative and dedication to exceptional service that sets me apart and defines success as an insurance professional.

AS A YOUNG BROKER, WHAT ARE THE THINGS THAT APPEAL TO YOU ABOUT THE PROFESSION THAT OTHERS OUTSIDE MIGHT NOT KNOW ABOUT?

When I feel stuck, I reflect on which of these areas might need more attention, and the insurance sector offers opportunities in all of them. Many people outside the industry may not realise just how diverse the roles within insurance are, but I can confidently say that there is a place for anyone—regardless of their strengths, skill set, or preferences.

One of the most appealing aspects of broking is the dynamic nature of the work. It’s constantly evolving, keeping things engaging while offering continuous learning opportunities. What many may not realise is that broking is a relationship-driven business. Every client brings unique needs and challenges and building trust while serving as

a trusted advisor is incredibly rewarding. Helping clients navigate complex situations and achieve peace of mind through tailored solutions makes the job meaningful and aligns perfectly with the balance I strive for.

WHAT HAVE BEEN SOME OF YOUR KEY LEARNINGS SO FAR IN YOUR CAREER?

Building strong connections with clients and industry peers is essential—trust and rapport form the foundation of longterm success. Early on, I didn’t fully grasp how much our profession depends on relationship-building, but now I see it as the cornerstone of everything we do.

I’ve also come to realise that fear of failure is a common challenge, especially for those of us who are highly solution and goal focused. It’s important to understand that growth comes from experiences—both successes and failures. I now remind myself, ‘don’t let perfect get in the way of better’, meaning that progress comes from steadily working on important tasks, rather than waiting for perfection.

Mentorship would have been invaluable earlier in my career — I waited too long before seeking guidance. I’ve since learned that most passionate people in this industry are eager to help when asked, and that reaching out sooner could have accelerated my growth.

I’ve also come to appreciate the importance of networking and managing my own brand. Cultivating a network and building your personal brand opens doors to opportunities and resources that might otherwise go unnoticed.

IF YOU WERE TO BE CROWNED THE NATIONAL YOUNG BROKER OF THE YEAR WINNER, WHAT WOULD THAT RECOGNITION MEAN TO YOU?

This recognition would mean a lot. When I was crowned NSW/ACT Young Broker of the Year, I was incredibly proud. I was smiling from ear to ear the entire week and was honoured by the kind words and messages from friends, family, peers, mentors, colleagues, associates, and more.

I immediately felt a sense of belonging. It validated the hard work and dedication I’ve invested into my career, my commitment to insurance broking as a profession, serving clients, developing younger professionals, and being an active member of my community.

Being named the National Young Insurance Broker of the Year would be another incredible honour, representing far more than just a personal achievement. It would give me the platform to advocate for and support the next generation of leaders in our industry. Most importantly, it would bring me immense pride to represent my fellow state finalists, as this recognition would be a shared success. I would be privileged to represent not only the broader insurance community but, above all, the five of us from the 2024 cohort.

As a female leader, I understand the importance of creating an inclusive environment that inspires and supports parents who find balancing a career and family more than a juggling act. It’s a journey, and I would love to inspire my own daughters.

NIBA.COM.AU / 27

COVER STORY / 2024 Young Broker of the Year Award State Winners

Jodie Krafft WHAT DOES THE FUTURE OF INSURANCE BROKING AND THE ROLE OF A BROKER LOOK LIKE?

The future of insurance broking will undoubtedly be shaped by advancements in technology, artificial intelligence and data. Technology will save significant amounts of time for brokers, removing the many time-heavy administrative and process driven activities which technology will be able to automate. This will free up valuable time for brokers to focus on advisory, critical thinking and strategic positioning for our clients. Advances in technology will also enhance data and analytics outcomes, enabling more precise and personalised choices for clients.

Over time, key risks such as natural disasters, cyber security risks and sustainability concerns are expected to remain extremely prevalent, therefore clients will become even more reliant on brokers. The insurance market will remain complex and difficult for people and businesses to navigate, increasing the need for high quality advisory services. Supporting clients will require a holistic approach of mitigation strategies, risk transfer options and claims/incident response experts. Technical expertise, along with soft skills such as communication and empathy, will remain vital for building and maintaining strong client relationships.

IS THERE A BROKING PHILOSOPHY OR MANTRA THAT YOU LIVE BY?

There are two broking mantras which I live by. Firstly, clients come first, and secondly, to approach all aspects of my role with integrity. These mantras go hand-in-hand and I always strive to follow these mantras through my actions every day.

For example, working in the best interests of my clients means being transparent, authentic and ethical in the professional advice I deliver. I provide timely responses and meet the deadlines we set because I am open and honest about what is realistic and achievable. Whilst I utilise my experience and knowledge of all clients across varying industries, I consider each client on their own needs and merits. By doing so, they get a tailored service which resonates highly with them.

AS A YOUNG BROKER, WHAT ARE THE THINGS THAT APPEAL TO YOU ABOUT THE PROFESSION THAT OTHERS OUTSIDE MIGHT NOT KNOW ABOUT?

When I first began my insurance broking career, I didn’t realise the endless possibilities the profession has to offer.

This includes the size of clients which you can work with, ranging from individuals to small to medium businesses, and through to large-scale international companies.

Further to this, you can work with clients from all different industries. Examples include not-for-profit, retail, education, construction, and financial institutions - the 28 / INSURANCE ADVISER OCTOBER 2024

list goes on! There are many types of insurances which a business requires so there are opportunities to learn about a whole range of insurance products.

WHAT HAVE BEEN SOME OF YOUR KEY LEARNINGS SO FAR IN YOUR CAREER?

A key learning in my career is to surround myself with the right people. Personality traits I highly value include being respectful, supportive, inspiring and willing to teach and help each other.

I am fortunate my colleagues at WTW embrace and demonstrate these behaviours, and this positive working environment has played a pivotal role in the rapid development of my own skills and knowledge. I’m also fortunate to be surrounded and mentored by fantastic leadership. This inspiring leadership is something I consistently aim to replicate.

Another key learning and something I didn’t appreciate how valuable it would be at the beginning of my career, was to always ask questions. I’ve always had a desire and willingness to learn. By asking lots of questions to understand the intricacies of policies or why we do processes in a certain way, this has proved that I’m genuinely interested in what we’re doing for our clients.

This can have a snowball effect, as I’ve noticed colleagues starting to raise topics with me that they think I might be interested in, without me having to prompt them.

IF YOU WERE TO BE CROWNED THE NATIONAL YOUNG BROKER OF THE YEAR WINNER, WHAT WOULD THAT RECOGNITION MEAN TO YOU?

Being the winner would be extremely humbling as the other state winners, Lachlan, Nikita, Steve and Emily-Rose, are incredibly talented and dedicated professionals. To stand alongside the previous national winners, who are some of the most inspiring professionals within the industry, would be remarkable. To be the 2024 Young Broker of the Year would provide me with a deep sense of pride. However, it wouldn’t just be a personal achievement. It would also be testament to the ongoing support I receive from my partner, family and WTW colleagues.

The recognition would be a motivating factor to continue striving for excellence and contributing to the industry’s future. It would offer a platform to have greater influence and advocacy for young professionals, mentor others, share insights and hopefully inspire others to get the most out of their broking career. It would also be an opportunity to raise the profile of our profession to the wider community, especially to those people or businesses who haven’t utilised an insurance broker before. We might be able to help make their life easier, but they just don’t know it yet. Furthermore, I believe it would open more doors for me to promote the insurance industry and its career opportunities.

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

WINNER OF THE QLD YOUNG BROKER OF THE YEAR AWARD Account Executive, WTW NIBA.COM.AU / 29

COVER STORY / 2024 Young Broker of the Year Award State Winners

WINNER OF THE SA/NT YOUNG BROKER OF THE YEAR AWARD Client Manager – Global & Corporate, Aon 30 / INSURANCE ADVISER OCTOBER 2024

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

Lachlan Birrell WHAT DOES THE FUTURE OF INSURANCE BROKING AND THE ROLE OF A BROKER LOOK LIKE?

I believe the future of insurance broking is one of evolution and adaption, but also not losing sight of the value we have always brought to our clients. As the world becomes increasingly digitised, brokers will need to blend technology with personalised service and advice. While AI and data and analytics will streamline many processes, the human element will remain crucial. Clients still value relationships, trust and expert advice – especially when navigating complex or critical risks.

Brokers will need to be agile, constantly learning, and leveraging technology to enhance the client experience.

This could mean offering more tailored solutions based on analytics or utilising automation for faster claims or policy management. However, even with these advancements, brokers will remain as trusted advisors, guiding clients through nuanced and emotionally charged decisions.

Brokers will have to continually expand the understanding and needs of clients, which hopefully technology will assist in providing the time for.

Relationships, both with clients and across the industry, will continue to be vital to ensure optimal solutions are identified and achievable.

IS THERE A BROKING PHILOSOPHY OR MANTRA THAT YOU LIVE BY?

My broking mantra is relatively simple and has stayed consistent across my career so far: “Always add value”. In every client interaction, I aim to provide something beyond the expected, whether it’s an insight, a new perspective on risk, or simply going the extra mile to solve a problem.

Insurance can feel overwhelming for clients, so I believe my role is to simplify complexity and bring clarity.

This often means being proactive – identifying potential gaps or risks before the client even knows they exist. Or investigating unique ways of solving for risks that clients themselves identify.

I also hold transparency, honesty and communication in high regard. It is important that clients understand not just what they are paying for, but why. In the end, the goal is to ensure that when clients think of insurance, they feel confident, informed, and secure in their choices – knowing that I am in their corner, advocating for their best interests.

Also, trying to do as much of it with a smile or some humour along the way!

AS A YOUNG BROKER, WHAT ARE THE THINGS THAT APPEAL TO YOU ABOUT THE PROFESSION THAT OTHERS OUTSIDE MIGHT NOT KNOW ABOUT?

What truly excites me about insurance broking is the variety and the impact we have on people’s lives. Most people outside the industry probably view insurance as

transactional – just policies, premiums, claims etc. However, as a broker, I get to dive into diverse businesses, understand their unique risks, and tailor solutions that safeguard their futures. It’s about problem solving on a large scale, helping clients mitigate risks they didn’t even know they had.

I also love the trust that is built over time. As brokers, we often become trusted advisors, not just service providers.

It’s incredibly rewarding to know that clients rely on me during pivotal moments – whether that’s a major business decision or recovering from a loss. What others might not realise is how much creativity and strategy go into broking; it’s not just selling policies but crafting solutions and building long-term partnerships.

WHAT HAVE BEEN SOME OF YOUR KEY LEARNINGS SO FAR IN YOUR CAREER?

One of the key learnings in my career has been the importance of listening – really listening – to clients. Early on, I was eager to present solutions, but quickly learned that the best approach starts with understanding the client’s true concerns and not always just the obvious risks. Listening allows me to better tailor solutions and, ultimately, serve clients more effectively.

Another critical lesson is to embrace change. Insurance is constantly evolving, and keeping pace with regulatory changes, new technology, new products and shifting market dynamics is key to staying relevant.

One thing I did understand early, and I am glad that I did, is just how important relationships are in this business. It’s not just about what you know but who you know and how you nurture those connections.

IF YOU WERE TO BE CROWNED THE NATIONAL YOUNG BROKER OF THE YEAR WINNER, WHAT WOULD THAT RECOGNITION MEAN TO YOU?

Winning the National Young Broker of the Year would be an incredible honour. It would represent not only personal achievement but also validation for the hard work, dedication, and passion I’ve put into my career so far. To be recognised by industry peers would reaffirm that the approach I’ve taken – focusing on adding value to clients, investing in relationships, and continuously improving – has made a meaningful impact. Beyond the personal pride, this recognition would also fuel my motivation to further excel, innovate, and give back to the industry. I see as an opportunity to inspire other young brokers and to contribute to shaping the future of insurance broking.

I’d like to think it would make a lot of people who are important in my life, both professionally and personally, incredibly proud. Whilst it is an individual award, I have never lost sight that my career to date is built upon the sacrifices, teachings and inspiration of many others, who have made me the person I am today.

NIBA.COM.AU / 31

COVER STORY / 2024 Young Broker of the Year Award State Winners

Steve Richards WHAT DOES THE FUTURE OF INSURANCE BROKING AND THE ROLE OF A BROKER LOOK LIKE?

I started my career with Suncorp and moved across to broking in 2015 when quoting platforms were rising in prominence and sophistication. Since then, technology has become an increasingly important factor in the broking industry and this trend doesn’t look like slowing down anytime soon. At RSM Group, we have been investigating AI and will be implementing it within our internal systems in late-2024 to assist our brokers with removing duplication and increasing efficiencies. This took an enormous amount of due diligence and courage as a business to trust a new technology, but I think as an industry we need to embrace change and challenge the norm to become better.

Ultimately, I think technology will become a key factor in the way brokers communicate with both their clients and insurers. There is a phenomenal amount of data collected by the insurance industry and having the ability to collate this so we can provide data-driven and real time risk management to complement our advice model is an exciting prospect.

The legislative and compliance landscape have become increasingly challenging over the past few years with the Hayne Royal Commission in 2017 which brought about the Quality of Advice Review in February 2023. NIBA, through Richard Klipin and his team, do a fantastic job of representing the broking industry as a united sector.

IS THERE A BROKING PHILOSOPHY OR MANTRA THAT YOU LIVE BY?

My broking philosophy is based on building deep and personal connections, the foundations of which are communication and consistency. Prioritising timely and clear communication with clients and insurers helps set clear expectations and paves the way for strong accountability.

Basic things such as calling a client before sending a long or complex email to talk it through with them and not avoiding difficult conversations have held me in good stead for the daily challenges we face as insurance brokers.

The relationship/communication side of the equation needs to be backed up by a strong technical expertise which I refer to as the craft of broking. This includes knowing markets, products and the risks of your clients so you can provide advice and insurance programs tailored to their requirements.

I also believe as a broker we can set ourselves apart by having a deep understanding of the industries our clients operate in. Associations have a large role to play in this.

AS A YOUNG BROKER, WHAT ARE THE THINGS THAT APPEAL TO YOU ABOUT THE PROFESSION THAT OTHERS OUTSIDE MIGHT NOT KNOW ABOUT?

I often hear people mention the insurance industry 32 / INSURANCE ADVISER OCTOBER 2024

is the best kept secret, and I couldn’t agree more with this sentiment. Insurance broking is hugely important to the Australian economy and provides you with an opportunity to build a fulfilling career where you can make a difference in people’s lives. As part of the NIBA Young Broker Award I was lucky enough to travel to Coraki in regional New South Wales where we helped the local community get back on their feet following the March 2022 floods.

Vero had provided a grant, and the 2023 state winners put this towards a portable building at the local school so the children had somewhere to be for after school care.

Seeing the difference this made to the local community was one of the most humbling things I have experienced and hearing the stories of residual trauma the residents deal with anytime it rains was eye opening.

WHAT HAVE BEEN SOME OF YOUR KEY LEARNINGS SO FAR IN YOUR CAREER?

I have learnt a lot about myself in my career, as insurance brokers we have our fair share of highs and lows. As a result, I have had to develop a strong resilience and belief in myself even when things aren’t going the way I want them to. Losing clients, claims being denied, and difficult conversations are not uncommon, and it is in the way we handle these that is the true test of character. Clients can always be contacted; denials can be reviewed, and difficult conversations can be overcome. I wouldn’t change my career for anything but giving my past self some feedback on difficult lessons wouldn’t hurt!

Another key to becoming the best broker you can is to be open to mentorship. I have been very fortunate to have had my dad Bruce Richards, my General Manager Danielle Doyle and previous colleague Greg Young as mentors for most of my career. Being able to bounce ideas off them has accelerated my growth and given me the framework to push myself outside of my comfort zone.

IF YOU WERE TO BE CROWNED THE NATIONAL YOUNG BROKER OF THE YEAR WINNER, WHAT WOULD THAT RECOGNITION MEAN TO YOU?

To be honest, being a state finalist and having the honour of representing Vic/Tas for the 2024 national award is still sinking in. I would not be the person I am today or be in the position I am without my family and the people who have support me. I hope what I have achieved to date justifies the effort and energy people have put into me and I dedicate all of my achievements to them. It would be a tremendous honour to be named the 2024 NIBA Young Broker of the Year and something I’m not sure could be topped.

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

WINNER OF THE VIC/TAS YOUNG BROKER OF THE YEAR AWARD Executive Manager – Transport & Logistics, RSM Group Insurance Brokers NIBA.COM.AU / 33

FEATURE / Tourism

34 / INSURANCE ADVISER OCTOBER 2024

FEATURE / Tourism

FUN-PACKED, RISK-PACKED

Whether clients are running an Australian tourist venue, arranging overseas tours or holding live events for the public, risks – and reputations – need to be carefully managed.

By MARTIN WANLESS

I

nsurance brokers need to turn their hand to many things to keep clients happy and protected – but have you ever thought about being a social media adviser?

If your clients are involved in the tourism industry, you may well need to add that particular string to your bow.

Because when it comes to insurance, there’s a fine line between businesses selling the experience and highlighting potential risks to an underwriter.

“Twenty years ago, insuring tourism providers was fairly straightforward,” says Terry Hampton, Director of Optimus 1 Insurance Brokers in Cairns.

“All you needed to know was what you did, how many bums on seats you got per year, what infrastructure you had, and what you turned over. Now you’ve got social media to bring into the mix. It’s very common for an underwriter to turn around and show us Facebook posts that our clients have done, and sometimes they don’t particularly like what they’re seeing.

“I had one bloke who’d posted a video of himself doing donuts in a refrigerated truck – a big supermarket delivery van.

The vehicle insurer saw it on social media and wasn’t happy!”

One of Hampton’s clients is Cape York Motorcycle Adventures, a family business that will celebrate its 35th anniversary in 2025. Cape York takes small groups of up to 15 out on off-road motorcycle adventures through national parks. Owner Renae Kunda laughs, “There’s a fine line between exciting a new customer and keeping national parks, ecotourism and your underwriter happy!”

THE IMPORTANCE OF GOOD RISK MANAGEMENT

On the face of it, a business offering adventure tourism activities is one that may cause insurers a few more concerns than others. However, strong risk management policies and procedures are at the heart of everything the business does – which goes down well when it comes to renewal time.

Cape York does some pretty gnarly stuff – pretty scary stuff from an insurance perspective. And, as you’d expect, there have been a few incidents over 35 years.

But Renae is an absolute leader in her field – the risk management side of things has been designed by Renae, she produces perfect documentation, policies, reports and procedures, and has NIBA.COM.AU / 35

FEATURE / Tourism

the right disclaimers in place, which really puts the underwriter at ease.

So much so, in fact, that the underwriter who looks after Cape York came on the trip himself – not revealing his identity until later, and writing the business a glowing three-page testimonial.

RISING PREMIUM COSTS AND THE RISKS OF BEING SUBJECT TO A BIG CLAIM

While public liability insurance is essential for Cape York to get the permits to access National Parks and the like, Kunda says the increasing costs of premiums are impacting the business.

“Premiums have doubled in the past ten years, but we’re not able to double our prices – we’d simply not be competitive.

“Operating expenses are up, we’re in a cost of living crisis, and tourism is a luxury purchase – so it’s a struggle every day.”

Dean Van Es, Founder and CEO of FastCover, agrees that the cost of insurance is impacting many operating in this space.

“Operators in Australia’s tourism industry have faced numerous challenges since the pandemic, with access to insurance being one of the most challenging. In recent times, many tourism insurance providers 36 / INSURANCE ADVISER OCTOBER 2024

have looked to reduce their risk, leaving myriad tourism businesses struggling to secure their operations.

“Unfortunately, this means many tourism-related businesses and venues have closed, reduced their services or must now operate on uncertain ground.

While operators across the industry have struggled, it’s been an especially prominent issue in the adventure tourism sector. As it stands, some insurance providers are unwilling to accept the risk associated with more dangerous activities such as downhill mountain biking.”

Hampton says, for many adventure tourism businesses, they’re potentially only one big claim away from going out of business.

“It’s difficult, because the reality is that if there’s a big claim, the chances of getting insurance again are small – and if you haven’t got that insurance in place, you can’t operate.”

Which just emphasises how vital it is to mitigate those risks in the first place.

POSITIVE SIGNS FOR ADVENTURE TOURISM

However, Greg Shallard, Senior Manager, Client Services at Affinity Insurance Brokers, believes the adventure tourism activity space is in the best position

“

“TRAVEL AGENTS ARE BYPASSING AUSTRALIAN TOUR OPERATORS AND GOING STRAIGHT TO THE DESTINATION MANAGEMENT COMPANY OVERSEAS – CREATING A POTENTIAL PROBLEM AS THEY MAY BE SEEN TO BE THE PRINCIPAL.” – BRETT JARDINE, MANAGING DIRECTOR OF THE COUNCIL OF AUSTRALIAN TOUR OPERATORS (CATO)

”

FEATURE / Tourism

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FEATURE / Tourism

ON WITH THE SHOW?

ly fall into Live, ticketed events are hugely popular across Australia, and most definite e. purchas luxury that leisure experience category, another an event In Australia, there’s always a chance of adverse weather events calling ng becomi are ers organis event that risk g emergin another there’s off – but Lauren Coburn increasingly concerned about. Fortunately, there’s a solution. Marsh’s takes up the story. and “We’re seeing people becoming more concerned with regards to events says. she tion,” commo civil to due tions cancella to arrive “When you’re putting on an event, you’re expecting people to be able the down close police and place takes at that event. What happens if a protest event an with that against insure can You there. get cannot roads? Your attendees policy.” tion cancella

”

“IT’S DIFFICULT, BECAUSE THE REALITY IS THAT IF THERE’S A BIG CLAIM, THE CHANCES OF GETTING INSURANCE AGAIN ARE SMALL – AND IF YOU HAVEN’T GOT THAT INSURANCE IN PLACE, YOU CAN’T OPERATE.” – TERRY HAMPTON, DIRECTOR OF OPTIMUS 1 INSURANCE BROKERS IN CAIRNS

“

38 / INSURANCE ADVISER OCTOBER 2024

it has been in for a number of years, with activities including mountain biking, canoeing and horse riding all being part of the Australian Adventure Activity Standard (AAAS), which provide a strong benchmark for how these businesses should operate.

“As a specialist broker in the adventure tourism space, we’ve actually seen a huge amount of positivity for those adventure tourism businesses doing things to standard and mitigating risks well. For example, we have had clients with pretty significant claims and we were able to get a renewal as they had demonstrated they had done everything correctly,” he says.

Shallard believes, however, that there is a huge spread in the quality of the risk that is being presented when insurers are looking at adventure tourism businesses, which can cause an issue for insurers.

“Due to the spread in quality of risk, insurers have seen inconsistencies in how activities are conducted and as such lost confidence in parts of the industry. This is mostly seen where there are no activity standards or accreditation systems in place that look at the operational risk management factors.”

The key differentiator for clients, believes Shallard, is working with brokers and insurers who specialise in the tourism industry.

“For example, we have staff who in addition to their insurance qualifications are qualified ski patrollers, instructors and horse riding coaches to deliver these services. In this space as a broker, you can’t just provide an insurance solution, you need to be a holistic risk advisor to the clients.”

OUTSOURCING RISK. IT’S NOT WITHOUT RISK!

Tourism takes many forms, and many trips both domestically and internationally are managed and coordinated by tour operators.

For small tour operators based in Australia, a significant risks lies in ensuring the businesses providing services – for example, coach transfers, experiences, trips and events – have the right protection in place.

Lauren Coburn, Managing Principal of Sport (Schemes), Leisure & Entertainment at Marsh, says, “A lot of the time they’re outsourcing the risk to third parties, but it also comes with some complexities.

They need to make sure those third parties hold adequate insurance, because there is obviously a vicarious risk for the tour operators.”

Of course, tourism works both ways – inbound and outbound – and liability is a big concern for businesses that organise overseas trips for clients, too.

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FEATURE / Tourism

However, when engaging an overseas provider, that liability may stay in Australia, causing a key issue for brokers to be aware of, says Brett Jardine, Managing Director of the Council of Australian Tour Operators (CATO).

Traditionally, a consumer would book through a retail travel agent, who would book through an Australian-based tour operator, who has put together a package through a destination management company overseas.

However, new ways of working may be opening up additional risk to unsuspecting businesses.

“When an entity in Australia – tour operator or travel agent – packages multiple components then sells them at a package price, they are deemed the principal (tour operator) and under Australian consumer law carry liability for the delivery of the package, regardless of the end supplier.

“Entities that are already set up as tour operators in Australia should already have the appropriate business structure and insurances in place.”

Increasingly, says Jardine, travel agents are bypassing Australian tour operators and going straight to destination management company overseas – creating a potential problem as they may be seen to be the principal.

“In an international package travel transaction, someone has to be the principal and carry the liability,” he says.

40 / INSURANCE ADVISER OCTOBER 2024

“If a travel agent books individual components with suppliers and passes on costs on an item-by-item basis, they could still be deemed an agent. In this case, each of the overseas suppliers should be providing copies of their booking terms and conditions which are going to be based on consumer law of the destination.

“Typically, the agent and the consumer will not give this any consideration and are therefore unaware of the potential exposure.

“A travel agent would not usually have an appropriate structure or insurances to operate as a tour operator/principal – hence potentially exposing themselves in the event of a litigation.”

Jardine also highlights that tour operators liability insurance is a product that suffers from misunderstanding, and could be better explained.

“A lot of people misunderstand that to be public liability – it’s not. Tour operators liability insurance is a product that is necessary if a business owner or employee is physically escorting a group outside of Australia as part of an organised tour.

“If they aren’t escorting the party and are leaving it in the hands of the overseas provider, the liability in this scenario should pass to them.”

TRAVEL & TOURISM

FACTS AND FIGURES International short-term arrivals June 2024 587,760 (up 8.4% YOY)

Short-term resident returns June 2024 863,950 (up 18.4% YOY)

DOMESTIC TOURISM SPEND TO END MARCH 2023 $108.1bn (up 37% YOY)

FEATURE / Tourism

NIBA.COM.AU / 41

FEATURE / Farming

Farming’s new dawn Facing numerous challenges, farmers are looking to diversify income streams.

And, as they do so, new risks emerge.

By MARTIN WANLESS

A

cross Australia, 55% of land is used for farming, contributing 2.7% to our GDP and accounting for 2.2% employment.

Farming’s a tough, tough sector to work in – subject to many of the same challenges as every other business in the country is, ramped up a number of notches. The weather, of course, is a constant challenge.

But it’s far from the only one.

“Farming and agriculture are really exposed to a lot of the same things we see in urban environments – it’s just they’re all dialled up to 10,” says Dale Gleeson, General Manager at Elders Insurance.

“Agriculture is much more sensitive to the impact of an event. For example, a small to moderate hailstorm in urban Melbourne causes a bit of inconvenience and minor damage. If you have that same hailstorm on a crop just before harvesting, that’s potentially an entire season destroyed.”

To illustrate the challenge facing farmers, agricultural production in the 2023-24 financial year was $78 billion.

In 2022-23, it was $94 billion, and James Hooper, Managing Director at Rural Affinity says, “Farmers operate

42 / INSURANCE ADVISER OCTOBER 2024

FEATURE / Farming

NIBA.COM.AU / 43

FEATURE / Farming

in a world of heightened uncertainty.

They face an ever-changing landscape in relation to weather, input costs and commodity prices. Farmers carry large levels of debt and increasing interest rates over the past few years are putting pressure on farm businesses.”

THE CHALLENGES OF DIVERSIFICATION

As a result of that increased uncertainty, it’ll come as no surprise to any business-minded person that diversification is a hot topic for the farming world at the moment.

“Relying on traditional farming is not bringing in the dollars like it used to,” says Rhiannon Hamilton, Technical and Underwriting Officer at Ag Guard.

“I spoke to a sheep farmer who is getting $2.50 per head for their wool – which now is fairly good! – only to pay $2.40 a head to shear the sheep. With those margins you are really shearing because you have to, not to try and make a living. So as a result, they are looking at other ways to generate revenue from the farm.”

Building resilience into business has been a buzz phrase since the pandemic – albeit a hugely valid one. Insurance and robust risk mitigation are, of course, two key elements to that. And, says Gleeson, diversification plays a key role here, too.

44 / INSURANCE ADVISER OCTOBER 2024

“You create diversification so you can withstand pressure in any particular area,” says Gleeson.

“We’ve seen it with sheep and the wool price, we saw it over in Western Australia recently, with regulatory changes around live exports. There were a lot of farmers caught out with a lot of live animals that they were going to export and they couldn’t do anything with them. A number of those farmers started pivoting where they could, using the land for crops and other sources of farming.”

That diversification, however, presents both challenges and opportunities for brokers.

Hamilton says, “We are seeing a lot of paddock to plate businesses, farm stays, farm experiences, farm gate sales, you name it – but if a farmer introduces new products, new businesses, or new distribution channels, it will change your risk profile to your insurer.

Some insurers will or can accommodate these changes, but some might re-evaluate and decide that is not for them.”

Hamilton says that it’s vitally important to have conversations with clients before any changes are made.

“I have had many conversations with clients that have made the change, then called after, only to be told we cannot insure them going forward. It is then

“CONSUMERS ARE LOOKING FOR TRANSPARENCY, WHETHER THIS BE YOUR CARBON FOOTPRINT AND WHAT THE BUSINESS IS DOING TO MITIGATE, OR TRACEABILITY WITH PRODUCE OR PRODUCT.” – RHIANNON HAMILTON, TECHNICAL AND UNDERWRITING OFFICER AT AG GUARD

FEATURE / Farming

YEARS IN AUSTRALIA

$1b

gross written premium in Australia

22

product lines

450

team members

25,000 Largest policies

Professional & Financial lines insurer in Australia

View 25 perspectives from our 25 years in Australia

81

clients in the ASX100

A

Standard & Poor’s credit rating

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).

NIBA.COM.AU / 45

FEATURE / Farming

a mad scramble for a client to find a different insurance company who will be able to cover them for everything they need,” she says.

“Hipcamp [Airbnb for camping, for the uninitiated] is a great concept, but for insurers, it presents a different liability risk when you have the general public coming onto a farm. They may not understand the risks of the property or the land they’re camping on – a simple campfire could lead to an out-of-control fire and potentially burn down the farmer’s house or the neighbours’!”

MANAGING THE ESG RISK

While weather’s an ever-present challenge for farmers – and one that needs continual preparation and mitigation – an everemerging risk comes in the form of ESG (Environmental, Social and Governance) and sustainability. As a key part of the supply chain for many industries, farmers are under increasing regulatory and compliance pressures – and for brokers, it’s a ‘watch this space’ issue at present.

Hooper says, “I expect carbon emission targets to have the biggest impact on farmers, although at this stage I don’t see there is an immediate role for brokers here.

“However, carbon scoring will almost certainly be a part of ‘business as usual’

“FARMING AND AGRICULTURE ARE REALLY EXPOSED TO A LOT OF THE SAME THINGS WE SEE IN URBAN ENVIRONMENTS – IT’S JUST THEY’RE ALL DIALLED UP TO 10.”

– DALE GLEESON, GENERAL MANAGER AT ELDERS INSURANCE

FENCE TALK It’s often the small things that can cause the biggest problems, and in farming insurance, fencing can be problematic.

“A common trend within the industry is farmers not insuring their fencing or the levels of cover are not commensurate with the risk,” says Rhiannon Hamilton of Ag Guard.

“We have had multiple clients try to claim for fencing damage from fallen trees, but they do not have fencing cover under their policy.”

46 / INSURANCE ADVISER OCTOBER 2024

for farmers, and I would recommend brokers keep abreast of developments in this area so that they are well-versed in this area when it becomes mandatory. It may eventually form part of the underwriting considerations for insurers.”

Hamilton believes that while ESG is an emerging risk, it’s also one that is impacting the whole of the insurance sector – and the farming community – right now.

“Consumers are looking for transparency, whether this be your carbon footprint and what the business is doing to mitigate, or traceability with produce or product.

“Farmers will play a key role in both reducing and mitigating the industry’s carbon footprint. Not only do we expect this to see more complex underwriting issues, but it could also lead to some interesting and innovative insurance product development.”

THE DAY-TO-DAY CHALLENGES

Returning to the day-to-day challenges, claims from attritional working losses – including animal impact – are par for the course, but Gleeson points to damage to machinery as being a key concern.

“We’re seeing large claims related to mechanical fires in some of our harvesting equipment, particularly cotton pickers,

We were there for them, we’ll be there for you.

Last year, Zurich paid out over $811 million across 59,035 general insurance claims, helping business customers from a diverse range of industries recover during their time of need.

Find out more

brokers.zurich.com.au/gi-claims

We don’t just cover, we care.

This information is general advice only and does not take into account your objectives, financial situations or needs. You should obtain and consider the relevant Product Disclosure Statement and Policy Wording (as applicable) from zurich.com.au before making a decision. A target market determination is available at zurich.com.au/GI-TMDs or by calling us on 132 687. The issuer of general insurance products is Zurich Australian Insurance Limited (ZAIL), ABN 13 000 296 640, AFS Licence Number 232507 of 118 Mount Street, North Sydney NSW 2060. LWOG-022480-2024

FEATURE / Farming

and also severe losses in terms of equipment in transit – getting equipment from the yard to the site.

“It’s a short period, but it’s a highly exposed period – a lot of this equipment is incredibly fine-tuned, so once it falls off the side of a truck, it’s effectively done.

“You can lose $1.5-$2 million on a single piece of equipment in one load, so that’s a challenge for us, and often there is a potential gap in cover because clients don’t often think about that journey, from storage yard or manufacturing to the site.”

Hooper says storm damage to farm infrastructure is the largest contributor of claims cost at Rural Affinity.

“It has become industry standard for insurers to request photos to ascertain the condition of buildings to be insured.

A regular maintenance program ensuring farm buildings are in sound condition is very important in determining access to coverage and to reduce premiums.”

Gleeson says that, ultimately, good communication goes a long, long way.

“The client, the broker or agent really need to be mindful of engaging with each other and keeping each other well informed of what they’re doing in their business,” he says.

48 / INSURANCE ADVISER OCTOBER 2024

THE IMPORTANCE OF GOOD HOUSEKEEPING While farmers are well-versed in seasonal maintenance,Dale Gleeson of Elders Insurance says it’s still worth reminding them of the need to do the housekeeping side of things really well.

“It’s important to keep good clearance around the property, ensure there’s access for firefighting facilities, and always monitor the length of non-crop-based grasses and things like that,” he says.

“We’ve seen some really interesting examples, in the past couple of years, around the use of sheep in and around critical assets because they keep the grass really low.”

FEATURE / Farming

you!

NIBA.COM.AU / 49

COMMUNITY HUB

COMMUNITY HUB OCTOBER 2024

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

INDEX Wellington Underwriting.........................................................................50 Australasia Underwriting.........................................................................50 Affinity Insurance Brokers........................................................................ 51 Newline Group.............................................................................................. 51

Moran Insurance Brokers......................................................................... 52 MGA Insurance Group.............................................................................. 52 ASR.................................................................................................................... 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

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 50 / INSURANCE ADVISER OCTOBER 2024

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

The difficult made easy

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

Delivering insurance differently

Target Property Risks

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

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 / Distribution Earthmoving Contractors •• Manufacture Vacant incl Heritage Food & Beverage Beverage Food Food & & Beverage • EPS Risks / Properties 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 Production • Renewable Energy Storage & Production • CAR / Erection AllAll Risks (+10M) • Production CAR / Erection Risks (+10M) • CAR / Erection Risks (+10M)today on 1300 988 643 or visit our website: ourAllunderwriters • Contact CAR / Erection All Risks (+10M)

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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:

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SPECIALISTS IN COMMUNITY HUB EQUINE LIABILITY Accommodation

Equine Assisted Learning

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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 OCTOBER 2024

COMMUNITY HUB

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 2 October 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 OCTOBER 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

AA-/STABLE

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 1 October 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

AA-/STABLE

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 11 for S&P Global disclaimers and additional information

NIBA.COM.AU / 55