Insurance Adviser - April 2020

APRIL 2020 EXCELLENCE: A LONG-TERM COMMITMENT Stephen Ball Memorial Award

HARD YARDS

Professional liability in uncertain times

CHALLENGES AHEAD

Insurance for the energy sector

TEAMWORK = SUCCESS

Shaun Standfield on his time at Insurance Advisernet

WE ARE YOUR VOICE

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CONTENTS April 2020

ACN 006 093 849 ABN 94 006 093 849

FEATURES

Insurance Adviser magazine is the monthly magazine of the National Insurance Brokers Association (NIBA).

Insurance Adviser magazine is published by NIBA

Publisher

Dallas Booth, CEO, NIBA T: (02) 9964 9400 E: dbooth@niba.com.au W: niba.com.au

Communications Manager Tiffany Eastland

NIBA Editor Tanaya Das

Editorial enquiries

E: editor@niba.com.au

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

Design

Citrus Media www.citrusmedia.com.au

22

TEAM WORK MAKES THE DREAM WORK

Insurance Advisernet’s Shaun Standfield reflects on nearly five years at the helm

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.

Cover image: Sarah Braden Photography

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COMMITTING TO EXCELLENCE A spotlight on the Stephen Ball Memorial Award for Insurance Broker of the Year

NIBA.COM.AU / 3

CONTENTS April 2020

FEATURES

30 TAKING COVER The energy sector is in for challenging times

IN EVERY ISSUE NIBA CEO welcome..................................... 6 Representation............................................ 8 NIBA welcomes new members................ 10 NIBA events.................................................52

NEWS

Industry bulletin........................................ 12

PROFESSIONALISM

New unfair contract terms legislation...... 14 IBCCC Tip of the Month............................ 18

38 THE HARD YARDS

The problems facing the professional liability sector

26 NIBA 2020 CANCELLED DUE TO

COVID-19 CONCERNS

NIBA has made the difficult decision to cancel the 2020 NIBA Convention

4 / INSURANCE ADVISER APRIL 2020

REFERENCE Community hub .........................................44 Insurer strength ratings ..........................56

58 NAVIGATING THE GFC TO FIND HIS CALLING

A look at Luke Chrzanowski’s exciting insurance journey

CEO / Welcome

COVID-19

S

ome very significant events have occurred in the days leading up to writing this column.

While there are some encouraging signs of the situation improving in China, there has been a massive increase in the number of people infected and the number of deaths in taly, while other European countries experience challenging situations.

In Australia, the Federal Government announced a multi-billiondollar support program for business and the community, and a large number of events have been cancelled, including the Steadfast Convention and the Australian Grand Prix in Melbourne.

On 13 March NIBA issued a detailed bulletin to Members providing extensive information on all these developments.

There are several key messages that we all must take very seriously.

Firstly, we all must look after our own health, and to very carefully manage the exposure of our families, our work colleagues, our clients and the people we deal with more broadly. Extensive information is available from the health authorities federally and in each state and territory. We must take their advice, and act accordingly. Anyone who is unwell, for any reason, must seriously consider whether they should be meeting with others at work, in the community or elsewhere.

Secondly, business owners and managers should by now have reviewed their business continuity plans. Many major broking firms are looking at alternative workplace operations, and most are looking at the possibility of remote working arrangements. Business continuity plans should be reviewed and trialled – none of us know if or when our office or the building in which we work might need to be closed for a period.

Thirdly, we all need to review our commitments and activities over the next six months.

In light of the COVID-19 situation, NIBA has cancelled its gala lunches and expos, which were due to be held in May and July.

Furthermore, the NIBA Board has made the difficult decision to cancel the 2020 NIBA Convention, which was due to be held from 26-27 October at the Melbourne Convention and Exhibition Centre.

The decision was not taken lightly, but the health and safety of all attendees is, of course, NIBA’s priority. Furthermore, we believe this decision will allow our members to focus on their clients, during what is a very difficult time for many.

The 2020 NIBA Awards will proceed, with celebrations to be held in the second half of the year, however, we will certainly be following the advice of health authorities.

Finally, we need to think about our clients, and any particular risks they may face, or needs that insurance brokers might be able to assist with.

We commend the Insurance Council of Australia for declaring an insurance catastrophe in relation to COVID-19, and for establishing a pandemic taskforce to carefully monitor developments and coordinate activity across the industry wherever appropriate. I am delighted to be able to join the taskforce on behalf of insurance brokers, and NIBA will support the taskforce in any way we can.

6 / INSURANCE ADVISER APRIL 2020

ROYAL COMMISSION

The Federal Government continues to proceed with the implementation of Royal Commission recommendations for reform in the financial services industry. NIBA has made a number of detailed submissions to the Government and to ASIC in recent weeks, and continues to argue for positive reforms that will have benefits for clients and consumers and will be able to be implemented in an efficient and cost-effective manner.

We are disappointed that our analysis of many of the proposed reforms indicates the potential little or no benefit for the clients of insurance brokers, and indeed there would well be cases where the ‘reforms’ make things worse and inhibit the ability of insurance brokers to help their clients in a realistic way and professional manner. NIBA will continue to explain these situations to the Government, and we will do our best to make sure the reforms improve the overall insurance experience, and do not detract from it.

ASIC

On 12 March 2020 the NIBA Board of Directors met with ASIC Deputy Chair Karen Chester, and ASIC senior executives Joanna Bird and Emma Curtis. There was an excellent discussion on the state of the intermediated insurance markets at the present time, the NIBA commitment to high standards of professional competence and advice, and the commitment of our members to serve the best interests of their clients at all times.

It was very pleasing to hear ASIC’s commitment to work with NIBA and other industry players to discuss the future of insurance broking and the importance of advice. NIBA will continue to engage with ASIC on this important topic.

FIRES AND STORMS

While we are trying to work out how best to cope with coronavirus, the insurance industry continues to work on the restoration and repair of property damaged in recent fires, storms and floods. These are very challenging times for the general insurance industry in Australia, and the commitment and efforts of all concerned are greatly appreciated.

DALLAS BOOTH Chief Executive Officer, NIBA

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NEWS / Representation

WE ARE YOUR VOICE!

We expected the year to be busy, and from what is happening so far that is certainly the case.

FEDERAL

Design and Distribution Legislation

As previously advised, legislation to implement new obligations on insurers and distributors of insurance products has been passed by the Federal Parliament. This will establish important new obligations on insurance companies and insurance brokers.

The legislation establishes a framework for the new obligations, but much detailed work is now being undertaken so that everyone understands how the legislation will operate in practice for general insurance products.

ASIC has released draft guidance on how it will interpret and apply the Design and Distribution legislation. NIBA has provided a detailed submission to ASIC, indicating a number of concerns about their proposed approach to the legislation.

Our main concern is that the consultation paper did not give any useful examples of how the Design and Distribution Obligations would operate in the context of general insurance products, and there was little analysis of how insurance brokers would be required to apply the distribution requirements.

NIBA has strongly suggested to ASIC that we need to meet and discuss the practical issues of how the legislation could or should operate for typical general insurance policies. This will need to be discussed in a workshop type environment so that the legislative obligations can be tested and understood.

In the meantime, NIBA will continue to work with the Insurance Council of Australia to develop an agreed framework for the implementation of the legislation.

8 / INSURANCE ADVISER APRIL 2020

Unfair Contracts Terms Legislation

Legislation which will apply existing unfair contracts terms legislation to insurance contracts has now been approved by the Federal Parliament. These reforms were recommended by the Royal Commission and by the ACCC Interim Report on Insurance Issues in Northern Australia.

NIBA has prepared an article on how the new legislation will operate in respect of insurance contracts, and this is on page 14.

The Federal Government has also been examining the operation of the existing unfair contracts legislation that has now been in operation for at least two years. It is concerning that a significant number of contracts have been identified as unfair, allowing for potentially unfortunate outcomes for consumers. NIBA has met with Treasury to discuss these matters, and will be responding formally to the Treasury discussion paper.

Claims Handling as a Financial Service

NIBA has provided a submission to Treasury in response to draft legislation designed to implement the Royal Commission recommendation to make claims handling a financial service.

The draft legislation will make those handling claims under insurance policies on behalf of insurance companies to operate under an Australian Financial Services Licence. NIBA is pleased that the legislation will not apply to insurance brokers acting for and on behalf of their clients in relation to claims and related matters.

At the time of writing NIBA is continuing to discuss the proposals and our concerns with Treasury and other interested parties.

Add On Insurance Reforms

The government has undertaken consultation on Royal Commission proposals to ban virtually all forms of general insurance sold at the same time as a non-insurance product (for example, travel insurance sold when a customer purchases an air ticket or an overseas holiday).

NIBA has provided a detailed submission to Treasury indicating the proposed approach is far too wide and ultimately likely to cause damage in the community by preventing people having access to insurance products and services at the time they need those services.

Anti-hawking reforms

One of the Royal Commission recommendations was to prohibit the hawking of financial products. The government has released draft legislation to implement this proposal.

NIBA is concerned that the recommendation as drafted is likely to seriously impair the ability of insurance brokers to properly advise their clients on their business or other risks, and their insurance needs and cover more broadly.

This is because the proposed legislation restricts the broker to discussing the topic raised by the client, and only that topic.

NIBA has made a strong submission to the government to urge further consideration of this matter. Our position is that the insurance broker must be able to discuss any risk or insurance needs of the client at any time, in order to properly perform their function as the trusted adviser on risk and insurance matters.

Proposals to restrict the use of the terms ‘insurance’ and ‘insurer’

The Royal Commission recommended clarification of the ability for ASIC to fully

NEWS / Representation

Any insurance broker operating under a binder on behalf of insurers will need to undertake training on the new Code of Practice and to implement procedures to adopt the General Insurance Code in respect of those operations. regulate funeral insurance, where serious misconduct had been identified. However, the government has taken a broader approach to extend restrictions on the use of the words insurance and insurer.

NIBA has provided a submission to Treasury to challenge the government’s proposals, as they are not consistent with the Royal Commission recommendation in this area.

Last Resort Compensation Scheme

The Federal Government has published a consultation paper on the Royal Commission recommendation to establish a last resort compensation scheme.

This scheme is designed to respond to circumstances where AFCA makes an award against a financial services provider, but the provider has gone out of business and is unable to satisfy the award in favour of the client.

The government is committed to proceeding with this reform, and the NIBA Board has discussed the matter at length. NIBA has provided a submission to the government indicating our preferred approach for the finding of the scheme. We will provide further information when it comes to hand.

APRA

Please note: the person in every insurance broking firm responsible for providing data to APRA must now be familiar with the new procedures set out on their web site: apra.gov.au/apra-replacing-d2a Each insurance broking firm that provides data to APRA should have myGovID credentials and have a Relationship Authorisation Manager.

Information about myGovID is available at: ato.gov.au/General/Gen/myGovID/ The previous AUSkey arrangements expired on 31 March 2020.

For the past few months we have strongly urged all members to become familiar with the new requirements, and start to develop procedures to implement the new system.

General Insurance Code of Practice

The Insurance Council of Australia has released the new 2020 General Insurance Code of Practice, which is available at: codeofpractice.com.au Code subscribers will need to implement a family violence policy by 1 July 2020, and the Code will formally take effect on 1 January 2021.

Any insurance broker operating under a binder on behalf of insurers will need to undertake training on the new Code of Practice and to implement procedures to adopt the General Insurance Code in respect of those operations.

NIBA also believes that any insurance broker acting on behalf of their clients should have a good general knowledge of the insurer Code of Practice, especially the provisions regarding family violence and vulnerable customers.

The new General Insurance Code also contains new provisions dealing with insurance and mental health, disclosure of information and the sale of insurance products through motor dealers.

A summary of key features of the new General Insurance Code of Practice is available at: insurancecouncil.com.au/ assets/media_release/2019/311019%20 Key%20features%20of%20the%20new%20 General%20Insurance%20Code%20of%20 Practice.pdf

Insurance Brokers Code of Practice The review of the Insurance Brokers Code of Practice is continuing. The NIBA Board of Directors has started to discuss the feedback that has been received to date

from a range of stakeholders.

NIBA will shortly be seeking the views of members on the operation of the Code of Practice, and the future development of the Code, taking account of what is happening in other areas of financial services, the recommendations of the Royal Commission, and the work done by the Insurance Council of Australia in its review of the General Insurance Code of Practice.

AFCA

The Australian Financial Complaints Authority has published its first Annual Review, covering the period from 1 November 2018 to 30 June 2019. The report is available here: afca.org.au/aboutafca/annual-review/ We urge all members to read the annual report on recent experience and future proposed developments at AFCA. AFCA has indicated that it will apply fairness criteria when resolving disputes.

For this purpose, AFCA has indicated that when determining a dispute, an AFCA Decision Maker must do what is fair in all the circumstances having regard to: • legal principles • applicable industry codes or guidance • good industry practice; and • previous relevant Determinations of AFCA or Predecessor Schemes NIBA recently attended a workshop where the concept of fairness was discussed by a number of parties including General Insurance Ombudsman John Price. AFCA will shortly be releasing a discussion paper on the concept of fairness and how it should be applied in the resolution of disputes. NIBA will respond to this discussion paper on behalf of members.

AFCA Datacube

AFCA is now publishing quite detailed information about the complaints and disputes it receives, including information regarding complaints to specific companies. The AFCA Datacube is available at: data.afca.org.au/at-a-glance

CONTACT NIBA

As always, brokers who have questions about these or any other government or regulatory matters should feel free to contact NIBA CEO Dallas Booth at: dbooth@niba.com.au

NIBA.COM.AU / 9

NIBA / Membership

NIBA WELCOMES ALL STEADFAST BROKERS The National Insurance Brokers Association of Australia (NIBA) is thrilled to welcome all Steadfast brokers to the NIBA community.

On behalf of the NIBA Board of Directors, NIBA President Eric Harris said, “We look forward to engaging with our newest members and representing their interests

to government, regulators, industry stakeholders, media and the community.”

The Steadfast Group was established in 1996 and is the largest general insurance broker network and the largest underwriting agency group in Australasia.

Harris said, “I encourage you all to actively participate as members, and

leverage the opportunities NIBA provides to learn, grow and prosper in this profession.

“Keep up to date on the important work we’re doing by subscribing to NIBA communications, including our weekly Broker Buzz e-newsletter.”

Email info@niba.com.au to receive Broker Buzz.

From left Steadfast Managing Director & CEO Robert Kelly, NIBA President Eric Harris and NIBA CEO Dallas Booth.

ABOUT NIBA OUR MISSION

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

OUR OBJECTIVES Representation

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

10 / INSURANCE ADVISER APRIL 2020

Professionalism

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

Community

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

GET IN TOUCH!

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

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NEWS / Industry bulletin

COVID-19: WHAT CAN INSURANCE BROKERS DO TO HELP?

N

IBA President Eric Harris has called on insurance brokers to bring forward ways in which the insurance industry can help clients and the community cope with the challenges we now face.

“COVID-19 is massively challenging for us all, but now is the time for insurance brokers to come forward with ideas and suggestions as to how the industry can best serve the

community,” he said.

Harris has written to the Insurance Council of Australia to put forward a number of suggested initiatives, but wants to know what else can be done, “Clients are already reporting changing business conditions, in some cases dramatically so.

We have to find ways to help our clients stay in business, if possible.”

“We are also speaking with the premium funders to see if there is any room for flexibility in premium funding arrangements, as they play a crucial role in a significant proportion of transactions,” he said.

Comments and suggestions should be sent to NIBA CEO Dallas Booth at: dbooth@niba.com.au.

2019-20 CATASTROPHE CLAIMS DATA

I

nsurance claims from the devastating summer bushfires and destructive hailstorm affected householders and small businesses across the country continue to made.

The latest bushfire claims data The estimated insured value of the bushfire catastrophe as at 23 March 2020 is $2.2 billion and the number of lodged claims is; 31079.

The maximum number of claims are from

12 / INSURANCE ADVISER APRIL 2020

NSW (81 per cent) followed by VIC (eight per cent), SA (eight per cent) and QLD (three per cent).

The current breakdown of the state impacts are: ACT at 57 per cent of claims, VIC at 30 per cent and NSW at 13 per cent.

January hailstorms claims figures The estimated value (23 March 2020) for damage caused by hailstorms that struck eastern Melbourne, the Australian Capital Territory and parts of New South Wales on Sunday 19 Jan and Monday 20 Jan is, $1.2 billion from 107932 (over 60000 for motor vehicles) lodged claims.

Publicly available data on the 2019-20 bushfires can be accessed via disasters.org.au/current-catastrophes/ 2019/11/13/november-bushfires and on the January hailstorms can be accessed via disasters.org.au/ current-catastrophes/2020/1/21/ cat201-january-hailstorms-vicactnsw.

NEWS / Industry bulletin

NIBA’S RESPONSE TO ASIC CONSULTATION ON DDO

N

IBA CEO, Dallas Booth explained that ASIC had issued draft guidance as to how it will interpret and apply the Design and Distribution Obligations (DDO) legislation from a regulatory perspective, “NIBA has indicated concerns in relation to a number of the draft proposals put forward in the consultation paper.

“The NIBA submission indicates where the draft proposals do not reflect the terms of the DDO legislation, and in some cases introduce concepts and obligations that are not consistent with provisions of the DDO Act.”

The Association has strongly urged ASIC to meet and discuss the process for taking out domestic home and motor insurance policies, in order to workshop how the DDO obligations are likely to apply, and to understand the likely impact the legislation will have on procedures for taking out these policies.

Booth revealed that the NIBA Board of Directors has discussed this matter with ASIC Deputy Chair Karen Chester and with senior ASIC executives. He said that NIBA will continue these discussions in order to get the best possible outcomes for insurance brokers and their clients.

AFCA CHANGES DUE TO COVID-19

A

ustralian Financial Complaints Authority’s (AFCA) Chief Operating Officer, Justin Untersteiner has updated members on changes being made at the ombudsman service in reponse to the COVID-19 situation.

He said, “In relation to complaint resolution, AFCA will take into account the circumstances and context in which lenders and other financial firms are currently operating.”

He has assured that AFCA will work closely with affected consumers and financial firms to provide tailored support in the handling of a complaint, “This may include additional time to respond to complaints and provide submissions and whether your teams face any challenges attending conciliations. This recognises that firms may be instigating alternate staffing arrangements and that some consumers may not be in a position to quickly act on requests for information.”

The dispute resolution body will modify its approach to take into account all regulatory and legislative changes

announced as part of Australia’s COVID-19 response.

AFCA Chief Executive Officer and Chief Ombudsman David Locke said, “AFCA recognises that strong and effective action is required to deal with these challenges.”

“We also recognise the pressures on small business owners and consumers at this very difficult time.”

AFCA encourages financial firms to continue to: • Work constructively and reasonably with affected consumers and small businesses during any period of disruption, particularly consumers and small businesses in hardship, or who may be experiencing difficulty repaying debt.

• Openly and transparently communicating with consumers and small businesses about any delays they may experience in decision making, claims or complaints handling caused by the impact of COVID-19 on their business.

More information, updates and frequently asked questions about the

ANNUALISED SALARY CHANGES NOW IN EFFECT A new Banking Finance and Insurance Award came into effect. They apply where an employee receives an Annualised Salary and impose detailed record keeping obligations on employers.

NIBA CEO, Dallas Booth said, “NIBA strongly urges all office managers to be across these new award provisions on their employment contracts and practices. The new rules have begun from the first full pay period on or after 1 March 2020.”

The Fair Work Commission website has more details that you can access on their website: fwc.gov.au/documents/ documents/modern_awards/ award/ma000019/default.htm.

It is important for general insurance broking employers to consider whether these changes impact any current employees, but also how to manage future employees and to remember that those full time employees paid an annualised wage must now be paid an annualised wage which strictly complies with the new clause 17 of the BFI Award.

novel coronavirus (COVID-19) outbreak is available on the AFCA website: www.afca.org.au/news/significant-events/ coronavirus-disease-covid19-outbreaksupport-for-financial-issues.

For breaking news and updates curated specially for insurance brokers please visit insuranceandrisk.com.au/category/news/

NIBA.COM.AU / 13

PROFESSIONALISM / Unfair contract terms legislation

WHAT THE NEW UNFAIR CONTRACT TERMS LEGISLATION MEANS FOR INSURANCE BROKING In response to the Financial Services Royal Commission, the government has extended the unfair contract term regime to standard form consumer or small business insurance contracts that are covered by the Insurance Contracts Act 1984 (Cth).

T

he government has implemented these changes via the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2019 Measures)) Act 2019 (Act) which gained assent on 17 February 2020. The changes could well have a significant effect on insurance contracts and the insurance broking industry.

Insurance contracts were excluded from the previous UCT regime. The new, amended legislation extends the UCT protections to all insurance contracts covered by the Insurance Contracts Act where: • the contract is a consumer contract or small business contract; • the contract is a standard form contract; and • the contract is a financial product; or • for the supply, or possible supply, of services that are financial services.

The new UCT regime will apply to insurance contracts that are new or renewed (or terms of a pre-existing contract varied) from 5 April 2021.

What is a standard form contract?

The reforms aim to prevent insurers from including terms in their standard form contracts that are unfair to the other party. A contract is presumed to be a standard form contract unless a party to the proceeding alleges otherwise.

An insurance contract will still be considered a standard form contract even if a consumer can choose between several options such as levels of premium, excess or sum insured, as long as the consumer does not have the ability to negotiate

14 / INSURANCE ADVISER APRIL 2020

The new UCT regime will apply to insurance contracts that are new or renewed (or terms of a pre-existing contract varied) from 5 April 2021. the underlying terms and conditions.

Similarly, a contract intermediated by an insurance broker can still be a standard form contract, provided the previous circumstances are met.

In addition to determining whether a contract is a standard form contract, a court is also required to consider a number of other factors including the balance of power between the two parties during the transaction, which party prepared the contract and the nature of the discussion between the two parties and whether the contract takes into account the specific characteristics of the party or transaction. The contract will continue to bind the parties to the extent that the contract is capable of operating without the unfair term.

What is an unfair contract term?

A term will be considered unfair if: • it would cause a significant imbalance in the parties’ rights and obligations arising under the contract; and • is not reasonably necessary in order to protect the legitimate interests of the party that would be advantaged by the term; and • would cause detriment to a party if it were to be applied or relied on.

However, before deeming a term unfair, a court is also required to consider a number of factors including

the transparency of the contract – that is, if the term is expressed in reasonably plain language, legible and presented clearly and readily to the party affected by it, as well as the contract as a whole.

Examples of terms that may be considered unfair include; terms requiring the insured to lodge the claim within an unreasonably short timeframe, terms in a disability insurance contract that uses outdated, inaccurate or restrictive, medical definitions to determine whether the consumer meets the criteria to be eligible to have a claim paid; or a term in a travel insurance policy that only covers loss of luggage when it has been personally attended by the insured at all times. While ultimately it is a matter for the courts to determine whether a term is unfair there are many terms that will be reasonably necessary to protect the legitimate interests of the insurer.

A finding by a court that a term is unfair, and therefore void, means that the term is treated as if it never existed.

However, the contract will continue to bind the affected parties to the extent that the contract can operate without the unfair term.

Exemptions from the Unfair Contract Terms Regime

Not all contracts will be covered under the new regime. Some contracts between businesses, certain types of

PROFESSIONALISM / Unfair contract terms legislation

Above The reforms aim to prevent insurers from including terms in their standard form contracts that are unfair to the other party.

insurance contracts, including private health insurance contracts, state and Commonwealth government insurance contracts and re-insurance contracts (which are not covered by the Insurance Contracts Act) will be exempt from the application of these additional amendments. These contracts will be subject to the existing UCT regime without the amendments.

Contracts between businesses will be excluded except in respect of ‘sole traders’ as will contracts that are the constitution of a company, managed investment scheme or other kind of body. The UCT regime will also not be extended to cover medical indemnity insurance contracts, which are subject to a separate regulatory regime.

The following terms within the contract will also be exempt from the UCT regime; the main subject matter of the contract, the upfront price payable, any term required by a law of the Commonwealth or a state government;

and if the contract is an insurance contract subject to the Insurance Contracts Act, any transparent terms that set an amount of excess or deductible under the contract.

Previously, terms that defined the main subject matter of a contract were exempt from the UCT regime. The Act has been amended to provide that, in relation to insurance contracts only, the main subject matter is limited to the description of what is being insured.

These terms are excluded to prevent parties from challenging a term that forms the basis for the existence of the contract as the party was free to decide whether or not to enter into the contract on the basis of what was being offered. The main subject matter will be limited to the extent that the term describes the risk that is being insured.

Despite campaigning by NIBA, the new provisions did not adopt the EU approach that carved out terms which “clearly define or circumscribe the insured risk”

since these restrictions are considered when calculating the premium paid by the consumer.

This limitation is inconsistent with best practice in other industries and the insurance industry globally. Under the new regime policy limitations, conditions precedent to cover and exclusions that affect the scope of cover are not considered part of the ‘main subject matter’ and may well be open to review.

Court declarations and third-party beneficiaries

Under the previous UCT regime, a court could only declare that a term is unfair on application by a party to the contract or ASIC. The new provision provides that third-party beneficiaries of insurance contracts have the ability to bring actions against insurers under the UCT regime, as there are circumstances where they will be required to take action in place of the contracting party.

The definitions of consumer and small

NIBA.COM.AU / 15

PROFESSIONALISM / Unfair contract terms legislation

The unfair contract terms legislation and the duty of utmost good faith will operate independently of each other. business and definition of standard form contracts continue to relate to the parties of the insurance contract, not third-party beneficiaries. This means that while third-party beneficiaries can bring actions, the actions will only be successful if the tests of unfairness and standard form contracts are met with reference to the parties that negotiated

the contracts, not the third-party beneficiaries.

Impact of changes

The unfair contract terms legislation and the duty of utmost good faith will operate independently of each other.

A breach of duty of good faith will not necessarily equate to a breach of the

unfair contracts regime. However, it is recognised that situations may arise where relief under both provisions is possible and a court will need to take into account the operation of both regimes when considering the outcome. The regime also does not affect the rights and obligations of parties to insurance contracts that are outlined in the Insurance Contracts Act 1984.

NIBA expects that the changes will create considerable work for insurers and their agents and will come at a significant cost and risk. NIBA also expects an increase in consumers seeking to test an insurer’s reliance on policy wording as an alternative to, or in addition to their rights under the Insurance Contracts Act. NIBA will continue to monitor changes as a result of the regime and how the various rights under both acts will interact.  

IMPORTANT NOTICE

Above NIBA expects that the changes will create considerable work for insurers and their agents and will come at a significant cost and risk.

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This document is designed to provide helpful general guidance on some key issues relevant to this topic. It should not be relied on as legal advice. It does not cover everything that may be relevant to you and does not take into account your particular circumstances. It is only current as at the date of release. You must ensure that you seek appropriate professional advice in relation to this topic as well as to the currency, accuracy and relevance of this material for you.

Why Rapid?

In-house claims management and support.

Your clients receive free advice via our exclusive hotline.

Business activities we cover include: Building Inspections Cleaning Services Handyman & Maintenance Pest Tree Care

Find out more www.rapidsolutions.com.au or 1300 309 169 16 / INSURANCE ADVISER APRIL 2020 Rapid Solutions Pty Limited ABN 49 055 149 203 AFSL 232422

assis ng assis ng beyond beyyond expecta on expecta on

PROFESSIONALISM / IBCCC Tip of the Month

ARE YOU SURE YOUR CLIENT UNDERSTANDS THOSE ‘TRICKY’ TERMS? A recent case before the Australian Financial Complaints Authority (AFCA) highlights the need to ensure clients fully understand the industry’s ‘difficult’ terminology.

I

n a recent determination, an AFCA adjudicator reported that the complainant used two terms interchangeably in the complaint, suggesting they did not understand that the terms described very different situations under the policy.

AFCA found in favour of the broker, but the adjudicator stated that it was not clear the broker had taken steps to ensure the complainant understood the difference between the terms, best practice dictates that brokers should do so explicitly to avoid confusion or doubt.

Terms that are common and everyday for those in the industry can be tricky or difficult for consumers to understand.

This is particularly the case where the terms address similar subject matter but substantially different risks.

Terminology that could lead to confusion might include the difference between “rent default” and “loss of rent”, for example, or the difference between “insured value” and “market value”.

The case was referred to the Insurance Brokers Code Compliance Committee (the Committee), the independent body that monitors compliance with the Insurance Brokers Code of Practice (the Code). The underlying good industry practice is reflected in Service Standard 5 of the Code, including: • We will discharge our duties diligently, competently, fairly and with honesty and integrity o when providing Covered Services on your behalf, and o when you are buying insurance and we act on your behalf.

• We will act in your best interest by o identifying your objectives, financial situation and needs as disclosed to us

18 / INSURANCE ADVISER APRIL 2020

Left Terms that are common and everyday for those in the industry can be tricky or difficult for consumers to understand.

by you through your instructions; o identifying the subject matter of the advice that has been sought by you (whether explicitly or implicitly); o identifying your objectives, financial situation and needs that would reasonably be considered as relevant to advice sought on that subject matter (Relevant Circumstances); and o making reasonable inquiries to obtain complete and accurate information where it is reasonably apparent that information relating to your Relevant Circumstances is incomplete or inaccurate.

The Committee asked the broker to clarify how it determines that clients understand all the terms pertinent to their needs and cover. The Committee encourages all Code subscribers to consider and review the processes they have in place to avoid such misunderstandings.

Measures that brokers could consider might include:

• Ongoing training, particularly in product knowledge; and, new staff

becoming familiar with products at an administrative or support level before they can advise clients.

• Emphasising the importance of empathy skills and application; trying to appreciate the issue or conversation from the client’s perspective.

• Going through each section of an insurance package and explaining the cover in full for each section as well as ensuring the appropriate Product Disclosure Statements and Financial Services Guide are provided.

• A sking a client to sign off on each section they elect not to take.

• Reviewing commercial renewals faceto-face when possible because client circumstances can change within a policy period without them advising their broker.

• Ensuring all client communications are saved to the client’s file.

All industries have their specialist terminology and jargon. As the professional parties engaged to source suitable cover for clients, insurance brokers have an obligation to ensure their clients understand precisely what’s covered – and what’s not.

DETAILS CHANGE, RELATIONSHIPS ARE CONSTANT.

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For Mutual Advantage libertyspecialtymarkets.com.au Liberty Specialty Markets is a trading name of Liberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605) incorporated in Massachusetts, USA (the liability of members is limited)

INTERVIEW / Shaun Standfield

Teamwork Makes the Dream Work Insurance Advisernet’s Shaun Standfield reflects on nearly five years at the helm.

INTERVIEW BY TIFFANY EASTLAND PHOTOGRAPHY BY SARAH BRADEN PHOTOGRAPHY

Insurance Adviser: You’ve been at Insurance Advisernet just shy of five years, what have you enjoyed most in that time?

Shaun Standfield: I’ve found the greatest joy in watching our advisers grow their businesses - it’s great to see them take the personal risk of starting their own business and make a success of it. In the past five years I’ve not seen anyone fail and that’s due to their tenacity.

IA: What kind of support do you provide to your advisers?

SS: In essence, we allow them to get out and do the client-facing aspect of their role, which is give good advice, while we look after the back office. We handle compliance, marketing, administration, banking and trust account management, for example. We also invest in tools that allow them to give the best advice to their clients.

IA: What are some of the greatest challenges you’ve encountered over the past five years?

SS: I don’t believe there have been any major challenges, but rather opportunities

22 / INSURANCE ADVISER APRIL 2020

to grow Insurance Advisernet in Australia and New Zealand. The key has been a strong strategy. I see so much opportunity for general insurance advisers to build an asset for themselves and their families.

I certainly underestimated the power of a team of advisers who are all aligned to the ethos of delivering “advice you can trust”. At Insurance Advisernet we act as a team and use our national strength and great insurer partnerships to give great advice.

IA: What makes Insurance Advisernet the success that it is today?

SS: As our Founder and Chairman Ian Carr says: “it’s been an overnight success; it just took 24 years to build the DNA that is Insurance Advisernet.” We have a simple philosophy, if what we do is the right thing for our advisers and their clients, the rest will look after itself.

The group has seen strong year-onyear growth in terms of premium, now placing more than $750 million in gross written premium. We have close to 90,000 customers and more than 220 advice practices across Australia and New Zealand.

Growth has come by not pursuing growth for growth’s sake, but by ensuring we do the right thing to protect, enhance and grow our advisers. If we get it right, growth of their businesses and ours will follow.

IA: What is Insurance Advisernet’s point of difference?

SS: It’s our culture and our strong compliance regime. Our compliance protocols aren’t bolted onto our bespoke broking software, it’s embedded in our processes.

We are continually investing in improving processes and providing tools to assist our advisers in building stronger businesses and achieving better client outcomes.

IA: During your time at the helm of Insurance Advisernet, what have you been most proud of ?

SS: The Insurance Advisernet Group and many of its advisers have been recognised as nominees or winners of various industry awards. As I said earlier, seeing individuals backing themselves to build their own businesses, with the support of Insurance Advisernet, is what I’m most pleased about.

INTERVIEW / Shaun Standfield

“At Insurance Advisernet we act as a team and use our national strength and great insurer partnerships to give great advice.”

NIBA.COM.AU / 23

INTERVIEW / Shaun Standfield

who identify not-for-profits that are deserving of donations. Many of our advisers are regular contributors to the Foundation and Insurance Advisernet matches their donations. We are also very fortunate to have such great business partners, including insurers, underwriting agencies and premium funders who provide many great items for us to auction at our annual conference each year.

We believe that supporting all charities regardless of the monetary value being donated, has a significant impact and reaches those that need it most.

We aim to continue to donate more than $400,000 each year to many local charities. In November we donated funds towards the rebuild of Rainbow Flats Rural Fire Station, and last month made donations to The Rotary Club in Batemans Bay, Bega Valley Suicide Prevention Network, Merimbula Chamber of Commerce, Sapphire Life Opportunities and Friends of the Koalas.

All these charities are very active in their local areas, many of which were affected by the recent bushfire crisis.

IA: The NIBA Bushfire Community Support Initiative received overwhelming support from Insurance Advisernet brokers. That must make you very proud.

SS: Yes, many of our offices, staff and families were deeply impacted by these events and NIBA’s initiative has been well received.

Fortunately, at Insurance Advisernet we were inundated by other Insurance Advisernet offices offering support – being

24 / INSURANCE ADVISER APRIL 2020

on the one system enabled us to move work around the country. Our insurer partners have also been very good at communicating and managing the large volume of claims this chain of events has created.

IA: What is the Insurance Advisernet Foundation, and how is it making a difference?

SS: The Insurance Advisernet Foundation has enabled us to partner with our advisers

IA: What will be your focus over the next 12 months?

SS: We have developed a “Pathways to Advice Report” that we launched last year.

The first focus area of the report is advice – our business is built upon knowing your customer, personalised service and delivering solutions to provide advice that they can trust.

We have delivered and are working on numerous other tools to support our advisers in giving better and more timely advice to their customers.

The second is professionalism – you don’t visit a doctor that hasn’t got a medical qualification, so why should someone use a General Insurance adviser unless they are professionally recognised, hence why we have mandated that all advisers need to have a recognised industry qualification.

And the third is technology.

Technology is an enabler that brings data and workflow management to relieve the adviser of many administrative burdens to providing advice. Also, compliance can be assured through this process which is important to a geographically diverse network such as Insurance Advisernet.

In summary we are about, Great People + Great Systems = Great Advice.

2018 & 2019 WINNER Authorised Representative Group of the Year

COMMUNITY / NIBA Convention

NIBA 2020 CANCELLED DUE TO COVID-19 CONCERNS NIBA has made the difficult decision to cancel the 2020 NIBA Convention, which was due to be held in Melbourne this October.

T

he National Insurance Brokers Association (NIBA) and its Board of Directors have been closely monitoring developments and the advice of authorities, with respect to the novel coronavirus, to ensure they’re taking the necessary steps to protect the health and wellbeing of staff, delegates, exhibitors, sponsors and suppliers.

At this stage, it is very difficult to predict what the situation will be in October, and what restrictions may still be in place. However, after very careful consideration, the Board has made the difficult decision to cancel the 2020 NIBA Convention, which was due to be held from 26-27 October at the Melbourne Convention and Exhibition Centre.

The decision was not taken lightly, but the health and safety of all attendees is, of course, NIBA’s priority. Furthermore, NIBA believes this decision will allow its members to focus on their clients, during what is a very difficult time for many.

Meanwhile, the team at NIBA, along with the Convention Organising Committee, will focus on delivering delegates an even better experience in 2021.

THE CONVENTION COMMITTEE IS THRILLED TO ANNOUNCE THAT NIBA 2021 WILL BE HELD AT THE STAR GOLD COAST, FROM 11-12 OCTOBER. BE SURE TO SAVE THE DATE!

26 / INSURANCE ADVISER APRIL 2020

2021 NIBA Convention

PROFESSIONALISM + RESILIENCE = OPPORTUNITY 11-12 October 2021 The Star Gold Coast

FEATURE / The Stephen Ball Memorial Award

COMMITTING TO

Excellence QBE’s Jason Clarke and the 2017 Stephen Ball Memorial Award winner, Brett Piggott discuss the NIBA Broker of the Year Award process and the effect the honour has on participating intermediaries.

BY TANAYA DAS

28 / INSURANCE ADVISER APRIL 2020

FEATURE / The Stephen Ball Memorial Award

E

very year since 2016, NIBA in association with QBE recognises high performing broking professionals via five region awards that culminate in a national award, the Stephen Ball Memorial Award for Insurance Broker of the Year.

Stephen Ball was a former JLT Australia Chairman and a much admired industry stalwart who passed in 2016.

As their prize, the winner of the Stephen Ball Memorial Award for Insurance Broker of the Year receives an all-expenses-paid professional development experience at the destination of their choice.

Jason Clarke, Chief Customer Officer – Commercial Lines, Australia Pacific at QBE says, “The NIBA regional and national broker awards not only help us recognise and support high performing individuals, but also bring the industry together to showcase what’s possible and provide inspiration, motivation and facilitate connections that raise the bar across the industry.”

He believes that this accolade also continues to recognise and honour the legendary Stephen Ball, “Steve’s commitment to excellence, integrity, mentoring and professional development inspired and continues to motivate thousands of professionals across our industry and we’re proud to play a part in continuing this legacy.”

On the impact that the entire award experience has had, the 2017 Stephen Ball Memorial Award winner Brett Piggott says, “The award has positively influenced my career by expanding my profile to a wider audience.”

He thinks that the award has enabled him to actively participate in wide-ranging and high-level subject matters, that he would not otherwise have had the opportunity to.

He states, “This has projected confidence in my abilities, advanced self-development through experiencing new and more complex challenges, and reinforced my personal and professional credibility. To date, the experience has been an everlearning and rewarding journey.”

Every year QBE brings together the five Stephen Ball Memorial Award finalists for two days, where they participate in several activities as part of their professional development experience.

Clarke sees the professional development exercises as a high-potential opportunity for the brokers involved as they are designed to have a positive impact on

finalists’ careers in the short and long term.

By providing a platform that showcases their individual achievements – finalists receive recognition and profiling that helps to build their personal brands.

He says the main aim of the professional development day is to deliver insight, inspiration and connection, “It is built around delivering practical value and deep insight to finalists. Our team works to provide an engaging and unique experience with a mix of activity that supports technical learning, self-reflection, skills development and connections that will see finalists and their businesses thrive.”

“The national winner’s experience is also built around facilitating learning and development that will directly support career success,” he adds.

The winner’s prize package is designed to deliver continuing impact and sees QBE work with the winner to codesign a bespoke professional development and travel package valued at $20,000.

QBE has sponsored the state and national titles for the past few years with the intention to recognise and amplify the efforts of deserving brokers who are doing a wonderful job of looking after their clients.

Clarke says, “Our broking partners are fundamental to our

fulfillment combined with professional development.

The first involved personal and mental development by completing a ‘bucket list’ personal challenge – The Kokoda Trek.

He says that the experience is closely aligned with his strong beliefs of fitness and wellbeing, and the desire to push personal and mental boundaries.

The second experience involved personal and professional development through ‘one on one’ leadership and business evolution coaching. This is an ongoing excercise which is being partially subsidised by the QBE award.

Piggott believes that the NIBA awards recognise industry leading professionals who have dedicated themselves to the NIBA ethos and a benchmark commitment to their clients.

He says, “The award demonstrates NIBA and the broking community’s commitment towards benchmarking excellence. It supports a platform to celebrate the achievements of individuals who carry a collaborative vision to create a world where intermediated client-centric services are the universal preference.”

“Our broking partners are fundamental to our success here at QBE.” success here at QBE. They help us fulfil our customer promise every day – so supporting them is a priority for us, and our sponsorship of the Broker of the Year Award is one of the important ways we do this.”

Piggott reveals that the QBE-supported award has enabled him to access two extremely rewarding experiences that provided a mixture of personal

NIBA.COM.AU / 29

FEATURE / Energy insurance

TAKING CO

ENERGY SECTOR IN CHALLENGING TIM The insurance sector is hurtling into a new decade, which brings unprecedented change in the broader energy sector.

BY NINA HENDY

30 / INSURANCE ADVISER APRIL 2020

FEATURE / Energy insurance

OVER:

N FOR MES AHEAD

NIBA.COM.AU / 31

FEATURE / Energy insurance

N

o two days are the same for insurers working in the energy sector. With a growing number of new challenges on the horizon, instability looks set to be the new normal.

The energy sector faces significant and wide-ranging risks, and the future isn’t particularly well understood given the nonchalant political attitude toward climate change in Australia.

Meanwhile, insurers face the tricky battle of managing power blackouts due to ageing infrastructure, an increasing number of weather events, growing political and social concern, and evolving regulations.

Combined, they make the energy sector tricky business in anyone’s book.

With this in mind, it’s hardly surprising that a number of key players in the energy sector backed away from questions about the future. While key players are no doubt crystal-ball gazing behind closed doors, many avoided publicly admitting their daily headaches when asked for comment.

This perhaps is the clearest signal that it’s

downright tough for brokers working with both conventional power and renewable energy sectors to stand by and watch the growing threat of disruption unfold.

But not one to be defeated, no doubt the industry will embrace new risks and look at how these challenges can be turned around into opportunities.

HIT FROM ALL SIDES

A newly released report paints the picture, outlining several new realities that the industry needs to face up to at the beginning of this new decade.

The 2020 Willis Towers Watson Renewable Energy Market Review 2020 (willistowerswatson.com/en-AU/ Insights/2020/01/renewable-energymarket-review-2020) lays it all out on the line. Main problems include political unrest, climate change, a hardening insurance market, cyber-security threats and uninsurable elements of the renewable energy market prove a tough mountain for key players to climb.

The Clean Energy Council confirms that there has been a massive 50 per cent decrease in large-scale renewable energy investment in the last year alone.

Clean Energy chief executive Kane Thornton says there has been a climate policy impasse afflicting Australia.

Renewable energy is responsible for just over 20 per cent of Australia’s total electricity generation, making it a significant opportunity to expand its role in combatting the effects of climate change, Thornton says.

He says: “The absence of a federal energy policy has contributed to a recent downturn in renewable energy investment.”

ZURICH’S POWER PLAY

The new decade kicked off with a surprise high profile move by Zurich to end its agreement with underwriting agency Blue Zebra.

Zurich announced that Blue Zebra’s performance is ‘not aligned with Zurich’s expectations’, ending the agreement just

“The absence of a federal energy policy has contributed to a recent downturn in renewable energy investment.”

– KANE THORNTON

32 / INSURANCE ADVISER APRIL 2020

FEATURE / Energy insurance

Above The human element of risk will also evolve in the future, as certain trades keep up with changing consumer demand.

eight weeks later, on 16 March, 2020.

Instead, it partnered with Youi in a five-year-deal. Youi is primarily known as a direct personal lines insurer and has not worked with underwriting agencies or brokers in Australia in the past.

A HARDENING MARKET

Gavin Wilby, Victorian Corporate Practice Leader of Willis Towers Watson admits the hardening insurance market will make it even more important that the brokers ensure the right levels and scope of cover.

“Environmental issues are also critical to natural resources-type operations, and insurers will be keen to understand what’s being done to prevent incidents from occurring and the systems and responses are in place to react should an incident occur,” Wilby says.

One of the directors of Sterling Insurance, Chris Dardaneliotis blames a big part of the issue on politicians ignoring climate change science, resulting in subsequent governments implementing energy policies that provided no long-term plan to transition to green energy.

34 / INSURANCE ADVISER APRIL 2020

ENERGY CLAIMS: TOP CAUSES OF LOSS

BY VALUE OF CLAIMS 46%

12%

11%

9%

6%

16%

Fire/explosion Physical damage Faulty workmanship/maintenance Earthquake/tsunami Pipeline damage Other

BY NUMBER OF CLAIMS 21%

20%

10%

Physical damage Fire/explosion Machinery breakdown Pipeline damage Defective products Other SOURCE: ALLIANZ GLOBAL ENERGY CLAIM TRENDS 2018

9%

7%

33%

Specialist Underwriter

FEATURE / Energy insurance

“The first trend to look for is acceptance of climate change among politicians. From that point on, the development of a longterm transitional plan should hopefully evolve on a bi-partisan basis,” he says.

NEW RISKS TO EMERGE

The answer is far more complex than developing new insurance products, according to a Willis Towers Watson report.

Instead, risk mitigation will be important.

“At a time when energy companies need to make operational savings, it’s vital that they decide when it makes sense to retain risk, and when to transfer it – a decision that increasingly powerful modelling and analytic tools can help them make,” the report reads.

The human element of risk will also evolve in the future, as certain trades keep up with changing consumer demand, adds Dardaneliotis.

“For example, electricians will no longer be installing cables and lights, or replacing switches. A number of them will move into solar panel and battery installations, and a lot of that work will be at height,” he says.

“Environmental issues are also critical to natural resources-type operations, and insurers will be keen to understand what’s being done to prevent incidents from occurring and the systems and responses are in place to react should an incident occur.” – GAVIN WILBY “Working at height is still one of the most dangerous activities resulting in injuries, hence why various authorities have been cracking down on non-compliance firms and work practices,” he says.

Dardaneliotis also pointed out that brokers can’t be experts in every industry and insurance product, which is why there are only a few energy market specialists in Australia.

A broker needs to be hands-on with claims and keep the insured informed of issues and concerns, he adds.

“In our experience, a claim spirals negatively either when expectations haven’t been managed, or the insured hasn’t been informed of issues or concerns,” Dardaneliotis says.

36 / INSURANCE ADVISER APRIL 2020

5 KEY TRENDS TO KEEP YOUR EYES ON Geopolitical clouds: Conflicts and other international tensions threatening the renewable business landscape.

Climate change risks: Accelerated renewable energy industry growth bought on by climate change brings with it new risks.

Hardening insurance market: Faced with deteriorating loss ratios and increasing costs, the renewable energy insurance market seems to

have come to a tipping point as hard market conditions look here to stay.

Cyber-security threats: A recent renewables seminar hosted by Willis Towers Watson in Prague revealed that 84 per cent of delegates expressed concerns about how to manage risks effectively.

The uninsurable: Renewable energy is particularly susceptible to risks from weather volatility.

SOURCE: WILLIS TOWERS WATSON

FEATURE / Professional liability

HARD YARDS

It’s not just the building and construction markets that are having professional liability problems – the ripple effect across many professions has been profound.

BY MARTIN WANLESS

38 / INSURANCE ADVISER APRIL 2020

NIBA.COM.AU / 39

FEATURE / Professional liability

P

rofessional liability insurance has been under intense scrutiny and pressure in recent years.

Issues in construction, particularly around cladding and building defects, have been well documented, and the Hayne Royal Commission has brought the liability of the financial services sector into full view.

This has had a ripple effect across many professions, and brokers are consequently finding professional liability insurance harder to place than ever before.

“We’re seeing it in those professions related to the construction industry – engineers, building developers and real estate agents – and other professions that are completely unrelated,” says Don Shields, Managing Director of Geelong Insurance Brokers.

“There have been significant price increases across the board, and that comes down to capacity.”

Dale Hansen, CEO of Austbrokers Coast to Coast, agrees. “Capacity is drying up – it’s a big problem. There’s not as much capacity being underwritten or reinsured

40 / INSURANCE ADVISER APRIL 2020

from London, and it’s making things very, very difficult.”

Insurers retreat

A number of insurers have been ‘scared off’ professional liability insurance, believes Christian Garling, Managing Director of underwriting agency FTA Insurance.

“People didn’t know what was going to happen during and after the Royal Commission,” he says. “It all came along at the same time as the issues impacting the construction sector, and it scared people.

“When there’s uncertainty in the market, people either say no, or they jump their prices up, and that’s what’s happened.

“There is a whole range of professions that many insurers are now deeming too risky. We’ve seen everything from management consultants to labour-hire companies and even graphic designers come to us after being turned down elsewhere.”

Andrew Sharp, Principal at Meridian Lawyers, and Chair of the National Insurance Law Group of the Law Council

“MANY OF THE MAJOR PLAYERS HAVEN’T PLAYED IN THE SPACE FOR YEARS, SO IT REMAINS A DIFFICULT MARKET.” – ANDREW SHARPE of Australia, agrees the Royal Commission has affected the appetite for professional liability.

“We are still seeing some claims coming from that financial advice area,” he says.

“Many of the underwriters who once played in that area remain tentative as to their involvement – that’s partly from past claims experience, and partly due to concerns about the continual regulatory focus on the area.

“Many of the major players haven’t played in the space for years, so it remains a difficult market.”

In the ‘too-hard’ tray Christian Garling believes many

FEATURE / Professional liability

insurers are too readily filing professional liability in the ‘too hard’ tray and says it’s important for brokers to understand who the underwriters are.

“Brokers need to look at who’s making the decisions,” he says. “It may be someone new to the role, or someone inexperienced.

“Even if you do get a policy through, it may not have all of the cover you need, so read the exclusions carefully – we always give people a civil liability wording, which is a lot broader than a professional services wording.”

A silver lining, says Dale Hansen, is that professional liability insurance policies are now written very well.

“Cover is becoming very clear as underwriters seek real clarity on our clients’ businesses, what they actually do and what their risk factors are,” he says.

“There was an increasing prevalence of professional liability being commoditised, turned into an online product, but now it’s being written properly, which is excellent for brokers and our clients.”

The unspoken risks

Many things cannot be covered by policy wording, however.

Business clients are facing increasingly tough times – as well as working in a rather tumultuous environment in which it is difficult to grow a business, they’re operating in a world that’s increasingly

“WHEN THERE’S UNCERTAINTY IN THE MARKET, PEOPLE EITHER SAY NO, OR THEY JUMP THEIR PRICES UP, AND THAT’S WHAT’S HAPPENED.” – CHRISTIAN GARLING

UNDERSTANDING THE DETAIL

litigious, one in which there are significant uninsurable losses that many professionals are facing, sometimes unbeknown to them.

“The regulators and government have created an environment where people are quick to take legal action,” says Hansen.

“I see clients issued with contribution notices for incidents that have little or nothing to do with them; they don’t end up wearing any part of the claim, but still have to pay to handle a frivolous legal matter. One client of mine had legal bills of $100,000, with no case to answer.

“Not only is it easier to make these

“We had a submission from a broker that had been rejected by a number of Australian insurance companies,” says Christian Garling. The insured’s business description said they worked on airports. The policy application had been declined multiple times because the broker hadn’t sought clarification on what the work at airports actually involved. When we questioned it, it turned out the business was installing the green emergency exit signs in airport terminals - and we were fine with that, so we processed the policy.”

42 / INSURANCE ADVISER APRIL 2020

MENTORING

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WHAT WILL THE PROGRAM DO FOR YOU? For more information and to express interest visit www.niba.com.au/mentoring

FEATURE / Professional liability

cases than ever before, but they also drag on much longer than they did in the past.

“We used to have a hundred years of precedence to refer back to, and cases – if they did get that far – were dealt with quickly. These cases drag on for months.”

It’s not only the legal cost to consider.

Brokers’ relationships with clients are critical – and to see clients with whom you’ve worked with over many years being burdened with increasing legal problems is tough.

“The uninsurable losses – the time spent out of the business, the stress and strain on your mental and physical health, your personal life, the damage to your business – are potentially huge, and no-one is willing to talk about it,” says Hansen.

“As brokers, we often take on much of that worry for our clients – if you’re

“ULTIMATELY, IF A CLIENT DOESN’T HAVE THE RIGHT LEVELS OF PROFESSIONAL LIABILITY COVER, THEY’RE LEAVING THEMSELVES EXPOSED.” – DON SHIELDS

operating in the professional liability space, there’s a lot more to worry about than just placing the policy.”

In it together

While some insurers are distancing themselves from professional liability, brokers simply can’t walk away and return when it’s all a little bit easier.

“Ultimately, if a client doesn’t have the right levels of professional liability cover, they’re leaving themselves exposed,” says Shields.

“Realistically, if they don’t have the right cover, they can’t operate. So we still need to find a good solution for them.”

Increased scrutiny brings with it a potential benefit for brokers – and clients – however, says Hansen.

“There’s more focus than ever on specific risks in business and, as brokers, we can really help our clients see where the risks are.

“By having those conversations with them, we are impacting what they do and how they do things – we can make a significant contribution towards the decisions they make and how they grow their business – which is invaluable as, for some, business growth is becoming a real challenge.”

PROFESSIONAL LIABILITY IN THE SPOTLIGHT • Professional liability is more difficult to place than in previous years - but far from impossible.

• Understand fully what your insured does, and where the liability lies. Dig deep.

• Don’t be discouraged if a go-to option is now turning down professional liability applications. It’s likely not the application, but the insurer.

• Understand the exclusions in the policy fully - discuss these with your client.

• Seek out underwriters who specialise in professional liability insurance.

• Use the process to uncover risks in your clients’ businesses.

44 / INSURANCE ADVISER APRIL 2020

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INDEX

AB Phillips ..................................................... 46 ASR Underwriting ..................................... 47 Newline Group ............................................48

Affinity Insurance Brokers ..................... 48 MGA Insurance Brokers ........................ 49 Moran Insurance Brokers ..................... 49 AIBI .................................................................. 50

Tudor Insurance .......................................... 50 Trident Marine Insurance.......................... 51 Marsh & McLennan Agency................... 51 All Parks Insurance....................................... 51

WANT TO ADVERTISE IN THE INSURANCE ADVISER? If you’re a NIBA member with a product or scheme you’d like to promote to a broker audience in our Community Hub section, please contact Tony May E: tmay@niba.com.au

Exclusive timber and sawmill insurance facility AB Phillips has been insuring the Timber and Sawmilling industry for more than 25 years. We have an exclusive underwriting facility which is available to select brokers.

Our insurance facility is for clients in the following sectors: • • • • •

Timber yards Timber storage Timber processors Sawmills Roof truss and wall frame manufacturers

Commission is paid on placements.

For more information please contact Rose Dee on:

Phone: 1800 819 394 | Direct: 03 8586 9316 | Email: rose@abphillips.com.au AB Phillips Pty Ltd. Australian Financial Services Licence No. 234457. ABN: 91 007 075 934. PO Box 832 Moorabbin VIC 3189. 445 Warrigal Rd Moorabin VIC 3189. e: info@abphillips.com.au t: 03 8586 9333 f: 03 8586 9394 w: www.abphillips.com.au

Linda Sepala Chief Executive Officer / Underwriting Manager – Liability

Underwriting Manager – D&O & FI

Underwriting Manager - PI

PH: 03 9998 1900

TD00430 NEWLINE 210x146_OL.indd 1

20/4/17 2:16 pm

AFFINITY EQUINE, ADVENTURE & LEISURE LIABILITY

Untitled-20 1

Abseiling Accommodation Agistment Animal & Petting Zoo Archery Bush Walking Camping Campsites Canyoning Caving Team Building

Equine Associations Equine Events Equine Therapists Farriers & Dentists Fishing & Boat Cruises Four Wheel Driving Flying Fox Horse Carriage Driving Horse Trainers Horse Riding Schools Initiatives

Kayaking Mountain Biking Orienteering/Rogaining Paddle Boarding Pony Rides Paintball & Skirmish Riding Schools River Rafting Rock Climbing Ropes Course Rowing

21/3/19 10:30 am

Sailing Sea Kayaking Snorkelling Snow Skiing Surfing Swimming Trail Running

1300 130 535 www.affinityib.com.au AFS License No. 214 185

COMMUNITY HUB

NIBA.COM.AU / 49

COMMUNITY HUB

BE PART OF NIBA Advertise with the most influential and trusted voice in the Australian intermediated insurance industry

Insurance Adviser · Insurance and Risk website Broker Buzz · Need a Broker website · Targeted eDMs · NIBA events (Annual Convention)

WE ARE YOUR VOICE Contact Tony May National Advertising Sales Manager T: 02 9459 4303 E: tmay@niba.com.au

Demolition and Asbestos Removal Liability Insurance Benefits of dealing with LSM:

• • • • •

$20M Asbestos Liability now available Security of dealing with the local office of a major global insurer Local claims and underwriting service working closely with you to meet your clients business needs Automatic addition of Errors & Omissions coverage when Asbestos Liability is purchased You can also apply for enhancements when you purchase this policy - Coverage for Statutory Fines & Penalties, Coverage for Shoring & Underpinning and Coverage for Transportation of Asbestos (clean-up costs) • 15% commission on all placements Tudor AFS License Number: 243 299

please contact:

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50 / INSURANCE ADVISER APRIL 2020

TUDOR INSURANCE AUSTRALIA t: (03) 9707 3033 f: (03) 9707 4568

Tudor ABN: 19 876 513 568

Cameron McKerchar e: service@tudorinsurance.com.au

26/10/18 2:49 pm

COMMUNITY HUB

MARSH& MCLENNAN A G E N C Y OUR INSURANCE PRODUCTS INCLUDE:

■ ■ ■ ■ ■ ■ ■

Demolition & Asbestos Liability - demolition, asbestos removal and transport, asbestos and environmental consultancies and similar occupations Kidnap, Ransom & Extortion Personal Accident & Illness Income Protection Motor Trades - public and products liability Tyre Retailers - property Window Cleaners - public and products liability

PLEASE VISIT OUR WEBSITE, AND CLICK ON "PRODUCTS AND SERVICES" FOR MORE DETAILS www.marshmc.com.au

CONTACT Michael Beveridge

08 8385 3630 or

Tara Nadge

08 8385 3583 newbusiness@marshmc.com Marsh and McLennan Agency Pty Ltd ABN 33 000 668 584 / AFSL 238984

517-3776

NIBA.COM.AU / 51

NIBA / Events

NIBA EVENTS Photos from various social events

NIBA NSW MENTORING PROGRAM: INTRODUCTORY WORKSHOP The NIBA NSW Mentoring Program’s first workshop for the autumn intake was held at the Marsh offices in Sydney.

To view more photos from our events please visit insuranceandrisk.com.au/events/galleries 52 / INSURANCE ADVISER APRIL 2020

NIBA / Events

NIBA WA MENTORING PROGRAM: INTRODUCTORY WORKSHOP The NIBA WA Mentoring Program’s first workshop for the February intake was held at the Aon offices in Perth.

The NIBA Mentoring program is offered twice a year in Sydney and Melbourne, and once a year in Adelaide, Brisbane and Perth. If you wish to participate as a mentor or mentee, contact Arianne Bath, mentoring@niba.com.au to express your interest.

More details on the NIBA Mentoring Program: niba.com.au/mentoring

To view more photos from our events please visit insuranceandrisk.com.au/events/galleries NIBA.COM.AU / 53

NIBA / Events

To view more photos from our events please visit insuranceandrisk.com.au/events/galleries

NIBA EVENTS NIBA events are being carefully reviewed due to coronavirus precautions In light of the COVID-19 situation the NIBA team is reviewing our upcoming events and will be guided by the recommendations of our health authorities.

NIBA Mentoring Program paused The program workshops have been temporarily suspended but participants are encouraged to catch up via phone/video. Contact mentoring@niba.com.au if you are a mentor or mentee with queries.

54 / INSURANCE ADVISER APRIL 2020

DISPLAY ADVERTISING INDEX – APRIL 2020 iCare........................................................ IFC Vero................................................................5 QBE................................................................7 Allianz........................................................... 11 Rapid Solutions........................................16 Gold Seal.................................................... 17 BAIS.............................................................19 Liberty Specialty Markets............20, 21 Insurance Advisernet........................... 25

NIBA Convention.................................. 27 UAC.............................................................33 NOVA Underwriting............................. 35 Technosoft................................................ 37 Ebix .............................................................41 NIBA Mentoring.....................................43 World Business Forum........................45 Brooklyn Underwriting.....................IBC Zurich................................................... OBC

If you’d like to advertise your products and services through NIBA, please contact Tony May today on tmay@niba.com.au.

BE PART OF NIBA Advertise with the most influential and trusted voice in the Australian intermediated insurance industry ·Insurance Adviser

· Insurance and Risk website · Broker Buzz · Need a Broker website · Targeted eDMs · NIBA events (Annual Convention)

WE ARE YOUR VOICE Contact Tony May National Advertising Sales Manager E: tmay@niba.com.au

INSURER STRENGTH RATINGS

S&P GLOBAL

INSURER FINANCIAL STRENGTH RATINGS

The following list of S&P Global Ratings insurer financial strength ratings assigned to insurance companies in Australia and New Zealand. Ratings at 1 March, 2020.

Contact: Craig Bennett, S&P Global Ratings Telephone: 03 9631 2197

NEW ZEALAND

RATING

NON-LIFE INSURERS

AUSTRALIA

RATING

NON-LIFE INSURERS AAI Ltd.

A+/POSITIVE

AIG Australia Limited

A/STABLE

Allianz Australia Insurance Ltd.

AA-/STABLE

BHP Billiton Marine & General Insurances Pty Ltd. A/STABLE Chubb Insurance Australia Ltd.

AA-/STABLE

Great Lakes Insurance S.E (Australia Branch)

AA-/STABLE

Hallmark General Insurance Co. Ltd.

BBB+/STABLE

Insurance Australia Ltd.

AA-/STABLE

Society of Lloyd's

A+/STABLE

Medical Insurance Australia Pty Ltd.

A-/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

QBE Insurance (International) Ltd.

A+/STABLE

Zurich Australian Insurance Ltd.

A+/POSITIVE

AA Insurance Ltd.

A+/POSITIVE

AIG Insurance New Zealand Ltd.

A/STABLE

Chubb Insurance New Zealand Ltd.

AA-/STABLE

Hallmark General Insurance Co. Ltd. (NZ Branch)

BBB+/STABLE

IAG New Zealand Ltd.

AA-/STABLE

Society of Lloyd's

A+/STABLE

Medical Insurance Society Ltd.

A-/POSITIVE

Southern Cross Benefits Ltd.

A/STABLE

Teleco Insurance (NZ) Ltd.

BBB+/STABLE

LIFE INSURERS

Vero Insurance New Zealand Ltd.

A+/POSITIVE

AIA Australia Ltd.

A+/STABLE

Vero Liability Insurance Ltd.

A+/POSITIVE

AMP Life Ltd.

A-/NEGATIVE

Challenger Life Company Ltd.

A/POSITIVE

Colonial Mutual Life Assurance Society Ltd. (The)

A+/STABLE

Hallmark Life Insurance Co. Ltd.

BBB+/STABLE

MetLife Insurance Ltd.

A+/STABLE

OnePath Life Ltd.

A+/POSITIVE

Westpac Life Insurance Services Ltd.

A+/STABLE

HEALTH INSURERS Southern Cross Medical Care Society

A+/STABLE

NIB NZ Ltd.

A-/STABLE

LENDERS MORTGAGE INSURERS Genworth Financial Mortgage Insurance Pty Ltd. (NZ Branch)

A/STABLE

LENDERS MORTGAGE INSURERS Genworth Financial Mortgage Insurance Pty Ltd.

A/STABLE

QBE Lenders' Mortgage Insurance Ltd.

A/STABLE

Westpac Lenders Mortgage Insurance Ltd.

AA-/STABLE

REINSURERS

LIFE INSURERS Asteron Life Ltd.

A+/POSITIVE

General Reinsurance Australia Ltd.

AA+/STABLE

Hallmark Life Insurance Co. Ltd. (NZ Branch)

BBB+/STABLE

General Reinsurance Life Australia Ltd.

AA+/STABLE

Medical Life Assurance Society Ltd.

A-/POSITIVE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

OnePath Life (NZ) Ltd.

A/NEGATIVE

Munich Reinsurance Co. of Australasia Ltd.

AA-/STABLE

Westpac Life-NZ-Ltd.

A+/STABLE

RGA Reinsurance Co. of Australia Ltd.

AA-/STABLE

SCOR Global Life Australia Pty Ltd.

AA-/STABLE

*For the S&P Global Insurer Financial Strength Ratings Definitions visit: https://www.niba.com.au/resource/standardandpoors.pdf

Swiss Re Life & Health Australia Ltd.

AA-/STABLE

Copyright © 2020 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 affiliates nor any of their thirdparty 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.

56 / INSURANCE ADVISER APRIL 2020

Ratings are statements of opinion, not statements of fact or recommendations to buy, hold, or sell any securities. S&P Global (Australia) Pty. Ltd. holds Australian financial services licence number 337565 under the Corporations Act 2001. S&P Global credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). Ratings are based on information received by Ratings Services. Other divisions of S&P Global may have information that is not available to Ratings Services.

INSURER STRENGTH RATINGS

BEST’S

NEW ZEALAND

FINANCIAL STRENGTH RATINGS

The following list of AM Best Financial Strength Ratings (FSRs) assigned to insurance companies in Australia and New Zealand. Ratings as at 24 March, 2020.

Contact: Scott Ryrie, Co-CEO A. M. Best Asia-Pacific (Singapore) Pte Ltd. Board Member and Commercial Director for Asia Pacific Tel: +65 6303 5007

AUSTRALIA

RATING

LIFE, ANNUITY AND ACCIDENT General Reinsurance Life Australia Ltd.

A++/STABLE

PROPERTY/CASUALTY

RATING

COMPOSITE Quest Insurance Group Limited

B/STABLE

LIFE, ANNUITY AND ACCIDENT American Income Life Insurance Company (New Zealand Branch)

A+/ NEGATIVE

BNZ Life Insurance Limited

A/STABLE

CIGNA Life Insurance New Zealand Limited

A/STABLE

Co-operative Life Limited

B++/STABLE

DPL Insurance Limited

B+/POSITIVE

Fidelity Life Assurance Company Limited

A-/STABLE

Foundation Life (NZ) Limited

A-/STABLE

General Reinsurance Life Australia Limited (New Zealand Branch)

A++/STABLE

Kiwi Insurance Limited

A-/STABLE

Lifetime Income Limited

B/STABLE

Momentum Life Limited

B++/STABLE

Partners Life Limited

A-/STABLE

Pinnacle Life Limited

B/STABLE

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

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

A+/STABLE

The Hollard Insurance Company Pty Ltd

A-/STABLE

Beneficial Insurance Limited

B++/STABLE

The New India Assurance Company Limited (Australia Branch)

A-/NEGATIVE

Brightsideco Insurance Limited

B/STABLE

Pacific International Insurance Pty Limited

B++/STABLE

Consumer Insurance Services Limited

B++/NEGATIVE

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.

PROPERTY/CASUALTY

First American Title Insurance Company of Australia A/STABLE Pty Limited (New Zealand Branch) FMG Insurance Limited

A/STABLE

General Reinsurance Australia Ltd (New Zealand Branch)

A++/STABLE

Health Services Welfare Society Limited

B+/STABLE

The Hollard Insurance Company Pty Ltd (New Zealand Branch)

A-/STABLE

Mitsui Sumitomo Insurance Company Limited (New Zealand Branch)

A+/STABLE

The New India Assurance Company Limited (New Zealand Branch)

A-/NEGATIVE

New Zealand Medical Professionals Limited

B+/STABLE

Pacific International Insurance Pty Ltd (New Zealand Branch)

B++/STABLE

Police Health Plan Limited

A-/STABLE

Provident Insurance Corporation Limited

B /STABLE

Tokio Marine & Nichido Fire Insurance Company Limited A++/STABLE (New Zealand Branch) Tower Insurance Limited

A-/STABLE

Union Medical Benefits Society Limited

A/STABLE

Virginia Surety Company, Inc. (New Zealand Branch)

A/STABLE

NIBA.COM.AU / 57

INSURANCE JOURNEY / Luke Chrzanowski

NAVIGATING THE GFC TO FIND HIS CALLING

The 2015 Warren Tickle Memorial Award winner, Luke Chrzanowski of Tresidder Insurance Brokers talks to us about his eventful journey into insurance broking.

“A

fter finishing my Bachelor of Commerce, I thought I was going to be a financial planner, however I graduated at the height of the Global Financial Crisis which was not ideal timing, so I found a job as a life insurance broker.

Starting my career in financial services while the world markets were taking a nose-dive taught me to never take anything for granted.

I chose insurance because at the time it was the closest available job to what I wanted to do in financial services, but I chose to stay because I love being able to help people in their time of crisis, and learning about different clients’ businesses is very rewarding.

What makes insurance interesting to me is the variety of the clients, their stories, backgrounds, businesses and challenges they face. You learn so much about how products are made, how businesses run and legal exposures both locally and globally.

PROUDLY SUPPORTING

58 / INSURANCE ADVISER APRIL 2020

The biggest lesson my career in insurance broking has taught me is to always pause and reflect before doing anything. It is important to take a moment to consider every conceivable angle of a situation.

I wish people knew that financial services include more than just banking and accounting – insurance is such a rewarding career both professionally and financially.

It is an industry where you can find absolutely selfless mentors, I’m fortunate enough to have multiple mentors, including Brad Tresidder who has been my key mentor for nearly eight years.

As a volunteer firefighter who has

previously spent 13 years with the CFA I know that I am in an industry that cares about people. It is also an industry that likes to celebrate the professionals who do good work.

Winning the Warren Tickle Memorial Award was fantastic for my career, it gave me the confidence to approach those in significantly more senior positions to have good conversations. The learnings I received from my time in London and Munich expanded my knowledge base, which leads to better outcomes for our clients and some really good contacts within the industry.

Industry awards are a great way to highlight some of the extraordinary people in our industry who do amazing things.”

QUICK QUESTIONS Tell us something most people government and other don’t know about you? organisations on a range of I played in U18s gridiron for issues which affect us all.

Victoria - my nickname was Tank A collective voice through an industry association is Secret ambition? important to ensuring our To be better at golf messaging is efficient and directed appropriately.

Favourite tipple?

NIBA’s work with mentoring Ice-cold beer programs and trainees gives me comfort that the next Favourite past-time? wave of brokers will be I love a good hit of tennis the best they can be and echo the Favourite food? professionalism Spicy chicken of our industry as a whole.

Why does NIBA matter to me?

NIBA represents our interests as a whole industry when lobbying and liaising with

Share your insurance journey. Email editor@niba.com.au

Cyber Insurance Our Cyber Insurance products are easy to understand, with comprehensive policy terms to protect against one of today’s top-ranked emerging risks

Visit our website for more information: www.brooklynunderwriting.com.au

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ZURICH INSURANCE. FOR THOSE WHO TRULY LOVE THEIR BUSINESS.

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. The issuer of general insurance products is Zurich Australian Insurance Limited (ZAIL), ABN 13 000 296 640, AFS Licence Number 232507 of 5 Blue Street, North Sydney NSW 2060. ZU23997 V1 0819 LEWG-014843-2019.