NIBA CEO welcome

WELCOME MADAM PRESIDENT

Iam absolutely delighted to welcome Dianne Phelan, from BJS Insurance Brokers in Adelaide, as the new President of NIBA. Dianne is a very experienced and highly regarded insurance broker, and her appointment as President has been warmly received across broking and insurance circles.

At the same time, we welcome Ward Dedman from EBM insurance brokers in Perth as our Vice President. Ward is a long-time supporter of NIBA and of insurance brokers in Western Australia, and I am extremely delighted he has agreed to take a leading role on the NIBA Board of Directors.

I would also like to pay a special tribute to our outgoing President, Eric Harris of Aon. With the release of the Royal Commission report and recommendations in February 2019, the 2019/2020 Black Summer fires in eastern and southern Australia, and the COVID-19 pandemic across Australia during 2020 and beyond, Eric has had a very challenging time as President, but he has provided great leadership during that time.

While a number of things slowed down or were deferred during the COVID crisis, the NIBA Board had the opportunity to spend considerable time developing a draft new Code of Practice. Eric Harris led those discussions very effectively, and it is pleasing we are now able to undertake a wide consultation with all interested parties on the future direction of the Insurance Brokers Code of Practice.

Eric also had a major role in leading the Board’s consideration of strategic directions for insurance broking in Australia over the next three to five years. The work on this is nearing completion, and we look forward to presenting the results of these discussions to members in the near future.

A YEAR OF CHANGE

With the passage of legislation implementing a number of Royal Commission recommendations just before Christmas 2020, we now look at the implications for insurance broking and the changes that will need to be implemented in insurance broking processes and procedures.

Please have a careful look at the Representation pages of this edition, and you will start to appreciate the range of matters which will take effect in October 2021, and which insurance brokers will have to become familiar with during the course of this year.

REVIEW OF REMUNERATION IN GENERAL INSURANCE

NIBA has commenced preparations for the 2022 review of remuneration in general insurance, including the role of commissions. Our members have indicated a strong desire to maintain the role of commissions as a remuneration mechanism, and I do believe the current remuneration arrangements have significant advantages for broker clients. We will develop and present our arguments on this during the course of the year, in preparation for the 2022 review.

ARE WE “ON THE OTHER SIDE”?

In recent weeks (at the time of writing) we have had real progress with the eradication of the COVID-19 causing coronavirus, accompanied by virus transmissions from quarantine hotels. With Australians returning home from overseas, it is inevitable that the virus will continue to come into the country. I suspect this will continue to be the case for some time to come.

I do believe we are now “on the other side”, and we must all follow all relevant instructions and recommendations from the health authorities. It is pleasing that the vaccine is about to be rolled out across the community, but it will take some time before the population is substantially vaccinated. In the meantime, we must all take great care with our own health and hygiene, and that of our staff, clients, family and friends.

NIBA is slowly moving back to our office in North Sydney, but a number of staff are still working from home. I am keen to make sure our people feel safe and secure at work, and when commuting to and from work. For the time being, the best way of contacting NIBA is by email. Your message will get to the relevant person very quickly. 

DALLAS BOOTH

Chief Executive Officer, NIBA