MAKING A DIFFERENCE

Earlier this month, the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, gave notice to the House of Representatives tabling a motion to establish a Parliamentary Inquiry into insurer responses to the 2022 floods. This came not long after the Australian Financial Complaints Authority released its complaints data for 2023 which showed a 50% increase in general insurance claims.

There is no doubt the last few years has been extremely challenging for many Australians that have been impacted by multiple natural disasters. The way government and industries such as insurance respond is critical to the timely and effective nature of the response as well as recovery and preparedness for future events.

Of course, of equal if not even more importance are the steps being taken to mitigate disaster risk and build climate resilient communities. The Assistant Treasurer hit the nail on the head when he said: “97% of disaster funding is going toward recovery and only 3% towards risk mitigation. We want to flip that on its head.” While I think it is important that we review how we collectively responded to the most expensive disasters in Australian history, it is what we learn and implement going forward that will matter most.

Through these challenges, there are many positive stories, including how communities respond and come together to help each other. The broking community is no different, and we know there are many brokers who go above and beyond to ensure their clients and sometimes their communities are looked after in their time of need. This is why for the second year in a row, we are acknowledging community excellence, where a broker has demonstrated a time or experience where they have made a meaningful difference to a client or community. Last year’s recipient, Vanessa Hilton, showed how she not only helped her own clients, but also those other clients who didn’t have the benefit of a broker, to navigate the challenges of dealing with the aftermath of bushfires in Southern NSW.

And, for the first time, this year we will recognise those claims professionals who, through their technical competence, underwriter relationships and client focus, demonstrate the brilliant and impactful work that brokers deliver for their clients. I’m looking forward to celebrating those positive stories that never get told and celebrating those award recipients at our Convention in October.

Speaking of the Convention, there is so much to look forward to, and one of the highlights this year promises