NEWS / Industry Bulletin
CATASTROPHE DECLARED FOR LARGE PARTS OF NSW
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he Insurance Council of Australia (ICA) has declared a catastrophe for large parts of NSW following the devastating storms and flooding. A coastal trough resulted in heavy rain over the NSW coast, with major flashflooding and riverine flooding. Prime Minister, Scott Morrisson announced that the Federal Government has activated its Disaster Recovery Payment to support those affected by the storms and flooding. He said, “One-off, non-means tested payments are available of $1,000 for eligible adults and $400 for eligible children, who
have been seriously injured, lost their homes or whose homes have been damaged as a direct result of the storms and floods.” ICA CEO, Andrew Hall said, “The insurance industry has made this catastrophe declaration to activate services and support for affected homeowners and businesses and reassure them that their insurer is there to help.” The ICA has confirmed that insurers will continue to monitor the situation in south-east Queensland to determine if a catastrophe declaration is required for that area as well.
Above March 2021: Floods after strong rain and dam overflow into the Hawkesbury River.
INSURANCE BROKERS CODE UPDATE
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he public consultation for the Insurance Brokers Code of Practice Review is due to close on Friday, 9 April. NIBA has already received a number of submissions from brokers, consumer groups and other relevant stakeholders. Due to recent weather events, including flooding in many parts of NSW and Tropical Cyclone Niran impacting coastal areas of Far North Queensland NIBA will be accepting late submissions to the consultation paper. If you have been impacted by any of these events, or it has simply slipped your mind now is the time to get your submission in and have your voice heard. Following the public consultation process, key stakeholders will be invited to meet with the Independent Reviewer to discuss the proposed changes and feedback received from submissions. After which, the Independent Reviewer will prepare a final report for the NIBA Board of Directors with their recommendations.
NIBA WELCOMES NEW BOARD APPOINTMENT The Board of the National Insurance Brokers Association (NIBA) has welcomed the appointment of Adam Squire of Gallagher as a Director. Squire who is the Head of Claims at Gallagher will replace Vivienne Toll on the NIBA Board. NIBA President Dianne Phelan welcomed Squire and his wealth of global experience to the Board: “I am extremely pleased to welcome Adam to the NIBA Board and look forward to working with him as we continue the important work of representing members, promoting professionalism and fostering a community of trusted advisers.” “ His claims management knowledge
will add a unique skill set to the wealth of experience which already exists around the board table,” said Phelan. NIBA CEO Dallas Booth added that he looks forward to working with Squire on the National Board and related NIBA matters: “Adam is very highly regarded in the Australian intermediated insurance industry, and I am sure he will have a lot to offer the Board, especially considering his background in helping clients with their claims. His contribution to our Board discussions will be very valuable as we continue to address Royal Commission recommendations, regulatory changes, the review in 2022 and other
industry issues and challenges.” Squire said he is delighted to be joining the NIBA Board of Directors: “NIBA is the peak industry body for insurance brokers and plays a vital role in representing brokers and the value they provide to modern day society.” “I am honoured to have the chance to contribute at this level, particularly as insurance brokers face some real challenges in terms of how the profession will evolve and work in the years ahead. Personally, I know I will learn a tremendous amount but I’m also looking forward to being the ‘claims voice’ at the table, given claims advocacy is one of the key roles brokers plays,” he said.
For breaking news and updates curated specially for insurance brokers please visit: insuranceandrisk.com.au/category/news/
12 / INSURANCE ADVISER APRIL 2021
