STEPPING INTO THE SPOTLIGHT
with your 2024 Young Broker of the Year Award state winners
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GOING BEYOND THE STATUS QUO AT THE 2024 NIBA CONVENTION
Coming together as one community at broking’s flagship event
STEPPING INTO THE SPOTLIGHT With the 2024 Young Broker of the Year Award state winners
GOING BEYOND THE STATUS QUO
Since the previous update in last month’s issue, there have been important developments around key issues in the marketplace. NIBA has continued to work closely around workers compensation with our key stakeholders such as the Insurance Council of Australia (ICA) and WorkCover WA to help simplify the system.
There have been substantive issues around strata that have come to light post the airing of the ABC Four Corners program ‘The Strata Trap’ last month. This is an evolving issue, but NIBA is well-positioned to help shape and guide insurance brokers, so they remain committed to professionalism, transparency, and ethical behaviour and keep delivering better outcomes for consumers as per their obligations under the Code.
There have been a couple of important reports issued by the Insurance Brokers Code Compliance Committee (IBCCC), including the 2023 Annual Data Report. It provides the insurance broking profession with a valuable opportunity to reflect on the success of the self-regulatory framework and identify areas where consumer outcomes can be improved.
In particular, NIBA is encouraged to see that the number of brokers reporting breaches continues to increase. This reflects a growing commitment across the profession to transparency and accountability and recognition of the importance of self-identification and reporting.
The NIBA Convention is right around the corner. The flagship event of the profession, this is when we come together as ‘one voice, one community’ to showcase the best of our professionalism to key stakeholders across the marketplace and the wider insurance industry.
I look forward to engaging with the breadth and diversity of our broking community as it converges under one roof over two-and-a-half days to learn, share, connect, and unpack the key future trends facing our profession. This year, we’re calling on the community to go “Beyond the Status Quo” in embracing innovation, being adaptable and staying ahead of the curve.
The Convention is not only an opportunity for us to learn and connect, but it’s also a platform for us to celebrate the leading talent that’s elevating the standards of professionalism across the sector. At the NIBA Gala Dinner and Awards night, we shall reveal the winners of the national Vero partnered Young Broker of the Year and
the CGU partnered Broker of the Year awards, along with the 2024 Insurer Awards and this year’s Lex McKeown recipient. We shall also unveil the winners of the Sedgwick partnered NIBA Claims Broker of the Year award and the Liberty Specialty Markets partnered NIBA Community Excellence Member of the Year award.
In this issue, you’ll have a chance to read more about our five national finalists for the Vero partnered Young Broker of the Year award. I’d like to congratulate all the five finalists and wish them the best of luck. The awards program is a fantastic platform for us to showcase the depth of our upcoming broking talent, and I’d like to thank Vero for being a long time partner in this journey which completes 35 years in 2024.
Looking ahead, we’re very close to starting the formal Code review process for 2025, and as we head into November, it also signals the beginning of the new financial year for NIBA.
I look forward to meeting and engaging with you in Adelaide at the Convention.
RICHARD KLIPIN Chief Executive Officer, NIBA
NIBA’S UPCOMING STATE EVENTS
NIBA hosts various educational and social events across Australia for the intermediated insurance community.
CHECK OUT NIBA’S UPCOMING EVENTS
Scan the QR Code to register for the upcoming state events.
NIBA Vic Halloween Event
Eat, Drink & be Scary!
Sneak past the library, find the secret door and descend down the staircase into the cellar bar - ‘Fall from Grace.’ This candle-lit lounge provides the perfect platform to network and make valuable connections with other young professionals in our industry at this year's NIBA Vic Halloween Event
Once you step inside this hidden gem you will be immediately transported back in time to a 1920s saloon with charming service and spectacular European-inspired food. A unique setting that creates an ambiance like no other.
This is the one night of the year where you can transform into anything you want to be. Whether it’s scary, funny, crazy, or just comfy, anything goes at this fun event designed to relax and engage with others in our industry after a busy year.
Join other young professionals for this year’s biggest networking event in Melbourne. This is an event not to be missed.
Register Now
Venue: State of Grace (Fall from Grace Room)
Tickets: NIBA Members: $30 + GST
Non-Members $40 + GST
HALLOWEEN
VICTORIA
NIBA’S STATE EVENTS
NIBA hosts various educational and social events across Australia for the intermediated insurance community.
CHECK OUT NIBA’S UPCOMING EVENTS
Scan the QR Code to register for the upcoming state events.
Learn | Inspire | Grow
Last month, participants heard from a diverse panel of industry experts who shared their insights, experiences and a wealth of knowledge of our profession. Mentees came prepared with their thoughtful questions and engaged in meaningful conversations during this inspirational workshop.
2024 NIBA MENTORING PROGRAM
NIBA launched the 2022 Insurance Brokers Code of Practice on 1 March 2022, and it came into effect on 1 November 2022. It is important that all members have implemented the necessary policies and procedures to comply with their new Code obligations. A number of resources are available on the NIBA website to assist members in implementing the Code.
THE GREAT DEBATE IS BACK BY
POPULAR DEMAND
A must-attend session and a Convention highlight, ‘The Great Debate’ is back by popular demand. The motion in front of the House this year is:
“Insurance brokers ‘must’ transition to a digital-first model to survive in the next five years. Only those who adopt a digitalfirst approach will meet the evolving demands of clients and remain competitive.”
This promises to ignite an entertaining, engaging and insightful debate about the future of insurance brokers.
Representatives from the wider insurance industry and the broking community will go head-to-head as they try to put up
convincing arguments for and against this statement. The debate will feature participants from two teams, each comprising a mix of insurers and brokers.
The affirmative team will persuade the audience that a digitalfirst approach is a must for insurance brokers in the future of work. Meanwhile, the negative team will put up a strong case against this idea. The winning team will be crowned at the end of the debate through audience vote!
With 51 speakers, 21 sessions, and around 800 delegates, you’ll engage with and hear from leading politicians, entrepreneurs, industry thought leaders and more.
The 2024 NIBA Claims Broker of the Year Award, proudly sponsored by Sedgwick, acknowledges the exceptional contributions made by NIBA members working within claims as part of the insurance broking profession.
Join your peers in celebration as we reveal this year’s winner of the award. Here’s what last year’s winner Charmaine Field, Claims Manager at NQIB, had to say about her experience.
“Winning the 2023 NIBA Claims Broker of the Year Award, which is proudly sponsored by Sedgwick, is the gift that keeps giving,” said Charmaine. “It has boosted my credibility and opened
The 2024 NIBA Community Excellence Member of the Year Award, proudly sponsored by Liberty Specialty Markets, aims to recognise NIBA Members who have made exceptional efforts in helping clients or positively contributing to their community.
Here’s what last year’s winner Paula Cruden, Managing Director at Integrite
“It hasn’t been without its challenges, but working with NFP clients is very rewarding, and I found that the insurance broking industry has a wonderful community spirit. I’ve made many friends at the NIBA educational and social events, and I have an amazing mentor and family, so I feel well supported,” said Paula. CELEBRATE
new opportunities and business connections. As a result of the award, I was nominated for and named one of the 2024 Elite Business Women.
“As part of the NIBA Claims Broker of the Year Award, I
Insurance, had to say about her experience.
attended the 2023 NIBA Convention on the Gold Coast last year,” Charmaine added. “It was a great opportunity to learn more about our profession and continue my growth and development.”
That’s not all. At the NIBA Gala Dinner & Awards Night, we’ll come together as one community to celebrate the standout achievers in insurance over the past 12 months.
These awards include:
• 2024 Vero-Partnered National Young Broker of the Year
• 2024 CGU-Partnered National Broker of the Year
• 2024 Large General Insurer of the Year
• 2024 Underwriting Agency of the Year
• 2024 Specialty Insurer of the Year
• 2024 Lex McKeown Trophy Recipient
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The Making of an Insurance Leader –Passion, Perseverance and Service
NIBA is proud to present a first-of-its-kind initiative to promote insurance broking as a career of choice, Insure Your Future.
Tony De Conno’s mantra is
“What you do in the morning, you never do in the afternoon”
As he celebrates 59 years in the insurance industry and a successful business, Adelaide-based De Conno & Blanco Insurance Brokers, he shares his insights on how time flies when you’re having the time of your life!
The aim of the initiative is to promote insurance broking as a career, attract more people into the profession and increase resources and information available about the profession.
NIBA’s dedicated Insure Your Future Committee will keep you updated on the project’s progress.
Starting out
Tony had a short stint at the ATO, before being attracted to the vibrancy of the large National & General Insurance firm in Adelaide.
Do you have ideas or thoughts on what we should include? Have you seen something similar being done well elsewhere? Or do you just want to find out more about the initiative and how you can get involved?
info@insureyourfuture.com.au or contact your state NIBA Committee representative.
“The people in insurance had a youthful spark (still do) and I quickly progressed up the ranks to become a Claims Manager,” Tony said. “I worked there for about 10 years, and it gave me the opportunity to meet a lot of business people in Adelaide. Relationships matter in the insurance
industry. My most memorable experience was when I was sent to Darwin for five weeks after Cyclone Tracey in 1974. The devastation was everywhere, and everyone needed help.”
The stepping stone to being a broker
Tony often admired the brokers he knew, and after a two-year stint as an agent for the company that he had worked for, he applied for an insurance brokers’ licence. In 1978, he set-up a business with Peter Blanco.
Churches,
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De Conno & Blanco Insurance Brokers had humble beginnings with Tony and Peter doing all the work, supported by their wives in the office. In time, they bought their own office premises, which was a former Commonwealth Bank building in St Peters, Adelaide, and today, there are 18 staff.
“Starting our own business was a leap of faith and at times challenging,” Tony explained. “We focused on personal service and building trust which has been fundamental to our business success.
“While I also think we had a lot of luck in the business being in the right place at the right time, my parents who are of Italian heritage, instilled a strong work ethic in me,” Tony added. “I believe if you work hard, you’ll earn the rewards, and I gave 100 per cent. Being of Italian background turned out to be an asset too, as it helped to attract many Italian clients.”
NIBA
makes a difference
NIBA is proud to present a first-of-its-kind initiative to promote insurance broking as a career of choice, Insure Your Future.
Tony’s unwavering dedication to the industry was recognised when he won the NIBA Broker of the Year (SA/NT) in 2014.
Passing the baton
Tony, who turned 80 in September, still enjoys going to work, but made a change about 12 years ago to make the day-to-day a little easier. He and Peter sold the business to their sons, Mark De Conno and David Blanco. That they both had sons interested in doing the hard yards to study and develop their skills and knowledge in the insurance industry, was another stroke of luck.
The aim of the initiative is to promote insurance broking as a career, attract more people into the profession and increase resources and information available about the profession.
NIBA’s dedicated Insure Your Future Committee will keep you updated on the project’s progress.
Best advice
Do you have ideas or thoughts on what we should include? Have you seen something similar being done well elsewhere? Or do you just want to find out more about the initiative and how you can get involved?
Please email info@insureyourfuture.com.au or contact your state NIBA Committee representative.
“One of the best insurance industry innovations that has occurred during my time is the introduction of the National Insurance Brokers Association (NIBA) in 1982,” Tony said. “It has really enhanced the professionalism and comradeship of the industry. I value personal contact, and NIBA opens doors for members to share knowledge and learn a lot from other people, while keeping abreast of the latest rules and regulations. I also served on the NIBA Committee in the early years.”
“My advice to anyone wanting to get into insurance broking is to build-up a diverse body of knowledge, take an active interest in your clients, and provide personalised service,” Tony said. “There is much to love about insurance broking, from the variety of work, to the great people you meet.”
Work to live
Tony works hard, but also enjoys the fruits of his labour. He enjoys time spent at his holiday home at Walkers Flat, water skiing on the Murray River, and he has had many memorable overseas trips with his family, including snow skiing in Japan and South America. On winter escapes, there’s nothing Tony likes more than skiing down the slopes at Falls Creek, most recently clocked at 71km per hour!
Over the land, now across the seas
Fully backed by Allianz Australia, GT Insurance is changing up a gear, now bigger, stronger and better, offering more diverse coverage across Motor and Machinery, Marine and Transit.
What hasn’t changed is our commitment to our brokers and their customers, powering progress with specialised sector knowledge, flexible and responsive solutions, experienced people you can trust, and a high standard of service and support.
Please contact your Relationship Manager to learn more about the new ways we can help you and your customers on your journey to success. We call it Powering Progress.
STEPPING INTO THE SPOTLIGHT
with your 2024 Young the Year Award state
The Young Broker of the Year Awards are proudly sponsored by Vero
Broker of winners
Meet the young leaders who are broking’s future
As technological disruption becomes part and parcel of our lives, what clients look for in a trusted broker will continue to evolve. Our cohort of ambitious young leaders, striving to uphold the highest standards of professionalism, are more than ready for this challenge.
Before the national Young Broker of the Year is revealed at the NIBA Convention, Insurance Adviser caught up with the 2024 state winners to get their view on where broking is headed, things that appeal to them about the profession, and learnings that have helped them in their career journey so far.
LEFT TO RIGHT: Nikita Willis, Steve Richards, Emily-Rose Srbinovska, Jodie Krafft, Lachlan Birrell
Nikita Willis
WHAT DOES THE FUTURE OF INSURANCE BROKING AND THE ROLE OF A BROKER LOOK LIKE?
We are poised to undergo significant transformation in the next 5-10 years, particularly considering the impact of climate change and increasing frequency of natural disasters on affordability. As these challenges intensify, the role of a broker will become even more crucial. However, I envision this to be more than just in the traditional, technical sense. These challenges are not just environmental but also deeply human, affecting lives, communities, and businesses in profound ways.
If there is one thing I have taken from the Vero Young Broker program so far, it is that our empathy is one of the most important attributes we have. In the face of these events, clients will need more than just policy advice; they will need understanding and compassion.
IS THERE A BROKING PHILOSOPHY OR MANTRA THAT YOU LIVE BY?
The philosophy I live by is centred around building trust and genuine relationships with people. For me, this is best captured by “The Trust Equation,” which really simplifies how to build trust - with credibility, reliability, intimacy, and low self-orientation.
Credibility means staying well-informed and confident in my expertise, ensuring clients can rely on my advice. It can be challenging to prove your credibility as a young broker, but even if you do not know everything, simply knowing your limits and when to ask for help does wonders. Reliability is about consistently delivering on promises— being there when clients need me, whether for a claim, a renewal, or simply to answer a question. Intimacy is about prioritising open communication, showing clients that I genuinely care about their needs and concerns, and creating a sense of partnership. Low self-orientation is about focusing on the client’s best interests, not just closing a deal. This is key, particularly in the current regulatory environment, where clients are increasingly educated on how the industry operates and how we are remunerated.
AS A YOUNG BROKER, WHAT ARE THE THINGS THAT APPEAL TO YOU ABOUT THE PROFESSION THAT OTHERS OUTSIDE MIGHT NOT KNOW ABOUT?
Broking has such a strong support system for young professionals. The industry is particularly encouraging of young talent, offering plenty of opportunities to learn, grow, and advance. There has never been a time in my career when I felt stuck or stagnant. Standing up and saying you want to progress will never be looked upon unfavourably in this industry.
What many might not realise is the profound difference we can make in people’s lives. Whether it is assisting clients
through the complexities of claims or taking the time to understand and appreciate their business, the role allows us to provide meaningful support in ways that others might not consider. The sense of purpose offered is highly rewarding. This is why I love the SME space so much – You are, more often than not, speaking to people who have built a business from the ground up to support their families.
WHAT HAVE BEEN SOME OF YOUR KEY LEARNINGS SO FAR IN YOUR CAREER?
The first thing that comes to mind is that no one knows everything! I remember early in my insurance career, listening to the phone calls and conversations happening around me, thinking ‘how do they just know all of this?’ I still have those moments all the time, even after all the learning I have done over the years. The challenge is to flip from thinking there is something wrong with you, or that you do not know enough, and reflect on how far you have come.
There is so much opportunity to learn in this industry, and you will be learning your entire career. You can never know everything, and that is a good thing! There will be plenty of people who listen to you over the years and think, ‘how do they just know all of this?’ I would encourage anyone starting in insurance broking to be a sponge. Listen closely to what is going on around you, write down the things you do not understand so you can revisit them later, ask an annoying number of questions, and generally bother your colleagues until they teach you everything you want to know.
The other key learning for me is that the more effort, time, and energy you invest in this industry, the greater the rewards – often far beyond what you might expect. Early on, I underestimated how significant it is to say yes to every opportunity that comes your way, whether that is taking on new projects or volunteering for industry events.
IF YOU WERE TO BE CROWNED THE NATIONAL YOUNG BROKER OF THE YEAR WINNER, WHAT WOULD THAT RECOGNITION MEAN TO YOU?
It would be an incredible honour and a significant milestone in my professional journey, representing not only a personal achievement but also recognition of the incredible mentors and colleagues I have had. To get this far and be able to participate in the program is an experience I will never forget, and a huge privilege.
Winning this award would carry a great sense of responsibility. I would aim to use the platform to advocate for the values that I believe are crucial to the future, particularly in areas such as climate change resilience, ethical decision-making, and diversity and inclusion.
The Young Broker of the Year Awards are proudly sponsored by Vero
WINNER OF THE WA YOUNG BROKER OF THE YEAR AWARD
Commercial Manager, Knightcorp Insurance Brokers
WINNER OF THE NSW/ACT YOUNG BROKER OF THE YEAR AWARD
Senior Account Manager, Austbrokers Canberra
The Young Broker of the Year Awards are proudly sponsored by Vero
Emily-Rose Srbinovska
WHAT DOES THE FUTURE OF INSURANCE BROKING AND THE ROLE OF A BROKER LOOK LIKE?
The future of insurance broking is an important and dynamic landscape, especially for young professionals who are passionate about the industry and eager to adapt. Our generation seems to handle general change more effectively than any other, likely because we’re constantly dealing with new apps or software updates. We embrace digital transformation and enjoy learning new tools—especially when they are practical and purpose-driven.
For those of us enthusiastic about shaping the future, this is our moment to shine. By embracing cutting-edge technologies within the Insurtech space and using data analytics, we can revolutionise the way we serve clients. Offering value-added services, such as risk management consulting and educational initiatives, will further set us apart. The road ahead is promising, and together, we can lead the way in making insurance a transformative force for good in the lives of our clients and their businesses.
IS THERE A BROKING PHILOSOPHY OR MANTRA THAT YOU LIVE BY?
My guiding principle is ‘Service Beyond Your Duty’. This philosophy reflects a deep commitment to exceeding client expectations and delivering exceptional service at every opportunity. It involves actively understanding clients’ unique needs and challenges, then working diligently to provide tailored solutions that truly serve their best interests—whether that means finding the right coverage, navigating complex claims, or offering proactive risk management advice.
‘Service Beyond Your Duty’ is more than a phrase; it is a commitment to making a meaningful impact in the lives of clients, ensuring they feel supported and valued at every step. I truly love business, and I love talking to clients about their company, their challenges and their goals. In this rapidly evolving landscape, it is this initiative and dedication to exceptional service that sets me apart and defines success as an insurance professional.
AS A YOUNG BROKER, WHAT ARE THE THINGS THAT APPEAL TO YOU ABOUT THE PROFESSION THAT OTHERS OUTSIDE MIGHT NOT KNOW ABOUT?
When I feel stuck, I reflect on which of these areas might need more attention, and the insurance sector offers opportunities in all of them. Many people outside the industry may not realise just how diverse the roles within insurance are, but I can confidently say that there is a place for anyone—regardless of their strengths, skill set, or preferences.
One of the most appealing aspects of broking is the dynamic nature of the work. It’s constantly evolving, keeping things engaging while offering continuous learning opportunities. What many may not realise is that broking is a relationship-driven business. Every client brings unique needs and challenges and building trust while serving as
a trusted advisor is incredibly rewarding. Helping clients navigate complex situations and achieve peace of mind through tailored solutions makes the job meaningful and aligns perfectly with the balance I strive for.
WHAT HAVE BEEN SOME OF YOUR KEY LEARNINGS SO FAR IN YOUR CAREER?
Building strong connections with clients and industry peers is essential—trust and rapport form the foundation of longterm success. Early on, I didn’t fully grasp how much our profession depends on relationship-building, but now I see it as the cornerstone of everything we do.
I’ve also come to realise that fear of failure is a common challenge, especially for those of us who are highly solution and goal focused. It’s important to understand that growth comes from experiences—both successes and failures. I now remind myself, ‘don’t let perfect get in the way of better’, meaning that progress comes from steadily working on important tasks, rather than waiting for perfection. Mentorship would have been invaluable earlier in my career — I waited too long before seeking guidance. I’ve since learned that most passionate people in this industry are eager to help when asked, and that reaching out sooner could have accelerated my growth.
I’ve also come to appreciate the importance of networking and managing my own brand. Cultivating a network and building your personal brand opens doors to opportunities and resources that might otherwise go unnoticed.
IF YOU WERE TO BE CROWNED THE NATIONAL YOUNG BROKER OF THE YEAR WINNER, WHAT WOULD THAT RECOGNITION MEAN TO YOU?
This recognition would mean a lot. When I was crowned NSW/ACT Young Broker of the Year, I was incredibly proud. I was smiling from ear to ear the entire week and was honoured by the kind words and messages from friends, family, peers, mentors, colleagues, associates, and more. I immediately felt a sense of belonging. It validated the hard work and dedication I’ve invested into my career, my commitment to insurance broking as a profession, serving clients, developing younger professionals, and being an active member of my community.
Being named the National Young Insurance Broker of the Year would be another incredible honour, representing far more than just a personal achievement. It would give me the platform to advocate for and support the next generation of leaders in our industry. Most importantly, it would bring me immense pride to represent my fellow state finalists, as this recognition would be a shared success. I would be privileged to represent not only the broader insurance community but, above all, the five of us from the 2024 cohort.
As a female leader, I understand the importance of creating an inclusive environment that inspires and supports parents who find balancing a career and family more than a juggling act. It’s a journey, and I would love to inspire my own daughters.
Jodie Krafft
WHAT DOES THE FUTURE OF INSURANCE BROKING AND THE ROLE OF A BROKER LOOK LIKE?
The future of insurance broking will undoubtedly be shaped by advancements in technology, artificial intelligence and data. Technology will save significant amounts of time for brokers, removing the many time-heavy administrative and process driven activities which technology will be able to automate. This will free up valuable time for brokers to focus on advisory, critical thinking and strategic positioning for our clients. Advances in technology will also enhance data and analytics outcomes, enabling more precise and personalised choices for clients.
Over time, key risks such as natural disasters, cyber security risks and sustainability concerns are expected to remain extremely prevalent, therefore clients will become even more reliant on brokers. The insurance market will remain complex and difficult for people and businesses to navigate, increasing the need for high quality advisory services. Supporting clients will require a holistic approach of mitigation strategies, risk transfer options and claims/incident response experts. Technical expertise, along with soft skills such as communication and empathy, will remain vital for building and maintaining strong client relationships.
IS THERE A BROKING PHILOSOPHY OR MANTRA THAT YOU LIVE BY?
There are two broking mantras which I live by. Firstly, clients come first, and secondly, to approach all aspects of my role with integrity. These mantras go hand-in-hand and I always strive to follow these mantras through my actions every day.
For example, working in the best interests of my clients means being transparent, authentic and ethical in the professional advice I deliver. I provide timely responses and meet the deadlines we set because I am open and honest about what is realistic and achievable. Whilst I utilise my experience and knowledge of all clients across varying industries, I consider each client on their own needs and merits. By doing so, they get a tailored service which resonates highly with them.
AS A YOUNG BROKER, WHAT ARE THE THINGS THAT APPEAL TO YOU ABOUT THE PROFESSION THAT OTHERS OUTSIDE MIGHT NOT KNOW ABOUT?
When I first began my insurance broking career, I didn’t realise the endless possibilities the profession has to offer. This includes the size of clients which you can work with, ranging from individuals to small to medium businesses, and through to large-scale international companies. Further to this, you can work with clients from all different industries. Examples include not-for-profit, retail, education, construction, and financial institutions - the
list goes on! There are many types of insurances which a business requires so there are opportunities to learn about a whole range of insurance products.
WHAT HAVE BEEN SOME OF YOUR KEY LEARNINGS SO FAR IN YOUR CAREER?
A key learning in my career is to surround myself with the right people. Personality traits I highly value include being respectful, supportive, inspiring and willing to teach and help each other.
I am fortunate my colleagues at WTW embrace and demonstrate these behaviours, and this positive working environment has played a pivotal role in the rapid development of my own skills and knowledge. I’m also fortunate to be surrounded and mentored by fantastic leadership. This inspiring leadership is something I consistently aim to replicate.
Another key learning and something I didn’t appreciate how valuable it would be at the beginning of my career, was to always ask questions. I’ve always had a desire and willingness to learn. By asking lots of questions to understand the intricacies of policies or why we do processes in a certain way, this has proved that I’m genuinely interested in what we’re doing for our clients. This can have a snowball effect, as I’ve noticed colleagues starting to raise topics with me that they think I might be interested in, without me having to prompt them.
IF YOU WERE TO BE CROWNED THE NATIONAL YOUNG BROKER OF THE YEAR WINNER, WHAT WOULD THAT RECOGNITION MEAN TO YOU?
Being the winner would be extremely humbling as the other state winners, Lachlan, Nikita, Steve and Emily-Rose, are incredibly talented and dedicated professionals. To stand alongside the previous national winners, who are some of the most inspiring professionals within the industry, would be remarkable. To be the 2024 Young Broker of the Year would provide me with a deep sense of pride. However, it wouldn’t just be a personal achievement. It would also be testament to the ongoing support I receive from my partner, family and WTW colleagues.
The recognition would be a motivating factor to continue striving for excellence and contributing to the industry’s future. It would offer a platform to have greater influence and advocacy for young professionals, mentor others, share insights and hopefully inspire others to get the most out of their broking career. It would also be an opportunity to raise the profile of our profession to the wider community, especially to those people or businesses who haven’t utilised an insurance broker before. We might be able to help make their life easier, but they just don’t know it yet. Furthermore, I believe it would open more doors for me to promote the insurance industry and its career opportunities.
The Young Broker of the Year Awards are proudly sponsored by Vero
WINNER OF THE QLD YOUNG BROKER OF THE YEAR AWARD Account Executive, WTW
WINNER OF THE SA/NT YOUNG BROKER OF THE YEAR AWARD
Client Manager – Global & Corporate, Aon
The Young Broker of the Year Awards are proudly sponsored by Vero
Lachlan Birrell
WHAT DOES THE FUTURE OF INSURANCE BROKING AND THE ROLE OF A BROKER LOOK LIKE?
I believe the future of insurance broking is one of evolution and adaption, but also not losing sight of the value we have always brought to our clients. As the world becomes increasingly digitised, brokers will need to blend technology with personalised service and advice. While AI and data and analytics will streamline many processes, the human element will remain crucial. Clients still value relationships, trust and expert advice – especially when navigating complex or critical risks.
Brokers will need to be agile, constantly learning, and leveraging technology to enhance the client experience. This could mean offering more tailored solutions based on analytics or utilising automation for faster claims or policy management. However, even with these advancements, brokers will remain as trusted advisors, guiding clients through nuanced and emotionally charged decisions. Brokers will have to continually expand the understanding and needs of clients, which hopefully technology will assist in providing the time for.
Relationships, both with clients and across the industry, will continue to be vital to ensure optimal solutions are identified and achievable.
IS THERE A BROKING PHILOSOPHY OR MANTRA THAT YOU LIVE BY?
My broking mantra is relatively simple and has stayed consistent across my career so far: “Always add value”. In every client interaction, I aim to provide something beyond the expected, whether it’s an insight, a new perspective on risk, or simply going the extra mile to solve a problem.
Insurance can feel overwhelming for clients, so I believe my role is to simplify complexity and bring clarity. This often means being proactive – identifying potential gaps or risks before the client even knows they exist. Or investigating unique ways of solving for risks that clients themselves identify.
I also hold transparency, honesty and communication in high regard. It is important that clients understand not just what they are paying for, but why. In the end, the goal is to ensure that when clients think of insurance, they feel confident, informed, and secure in their choices – knowing that I am in their corner, advocating for their best interests. Also, trying to do as much of it with a smile or some humour along the way!
AS A YOUNG BROKER, WHAT ARE THE THINGS THAT APPEAL TO YOU ABOUT THE PROFESSION THAT OTHERS OUTSIDE MIGHT NOT KNOW ABOUT?
What truly excites me about insurance broking is the variety and the impact we have on people’s lives. Most people outside the industry probably view insurance as
transactional – just policies, premiums, claims etc. However, as a broker, I get to dive into diverse businesses, understand their unique risks, and tailor solutions that safeguard their futures. It’s about problem solving on a large scale, helping clients mitigate risks they didn’t even know they had.
I also love the trust that is built over time. As brokers, we often become trusted advisors, not just service providers. It’s incredibly rewarding to know that clients rely on me during pivotal moments – whether that’s a major business decision or recovering from a loss. What others might not realise is how much creativity and strategy go into broking; it’s not just selling policies but crafting solutions and building long-term partnerships.
WHAT HAVE BEEN SOME OF YOUR KEY LEARNINGS SO FAR IN YOUR CAREER?
One of the key learnings in my career has been the importance of listening – really listening – to clients. Early on, I was eager to present solutions, but quickly learned that the best approach starts with understanding the client’s true concerns and not always just the obvious risks. Listening allows me to better tailor solutions and, ultimately, serve clients more effectively.
Another critical lesson is to embrace change. Insurance is constantly evolving, and keeping pace with regulatory changes, new technology, new products and shifting market dynamics is key to staying relevant.
One thing I did understand early, and I am glad that I did, is just how important relationships are in this business. It’s not just about what you know but who you know and how you nurture those connections.
IF YOU WERE TO BE CROWNED THE NATIONAL YOUNG BROKER OF THE YEAR WINNER, WHAT WOULD THAT RECOGNITION MEAN TO YOU?
Winning the National Young Broker of the Year would be an incredible honour. It would represent not only personal achievement but also validation for the hard work, dedication, and passion I’ve put into my career so far. To be recognised by industry peers would reaffirm that the approach I’ve taken – focusing on adding value to clients, investing in relationships, and continuously improving – has made a meaningful impact. Beyond the personal pride, this recognition would also fuel my motivation to further excel, innovate, and give back to the industry. I see as an opportunity to inspire other young brokers and to contribute to shaping the future of insurance broking.
I’d like to think it would make a lot of people who are important in my life, both professionally and personally, incredibly proud. Whilst it is an individual award, I have never lost sight that my career to date is built upon the sacrifices, teachings and inspiration of many others, who have made me the person I am today.
Steve Richards
WHAT DOES THE FUTURE OF INSURANCE BROKING AND THE ROLE OF A BROKER LOOK LIKE?
I started my career with Suncorp and moved across to broking in 2015 when quoting platforms were rising in prominence and sophistication. Since then, technology has become an increasingly important factor in the broking industry and this trend doesn’t look like slowing down anytime soon. At RSM Group, we have been investigating AI and will be implementing it within our internal systems in late-2024 to assist our brokers with removing duplication and increasing efficiencies. This took an enormous amount of due diligence and courage as a business to trust a new technology, but I think as an industry we need to embrace change and challenge the norm to become better.
Ultimately, I think technology will become a key factor in the way brokers communicate with both their clients and insurers. There is a phenomenal amount of data collected by the insurance industry and having the ability to collate this so we can provide data-driven and real time risk management to complement our advice model is an exciting prospect.
The legislative and compliance landscape have become increasingly challenging over the past few years with the Hayne Royal Commission in 2017 which brought about the Quality of Advice Review in February 2023. NIBA, through Richard Klipin and his team, do a fantastic job of representing the broking industry as a united sector.
IS THERE A BROKING PHILOSOPHY OR MANTRA THAT YOU LIVE BY?
My broking philosophy is based on building deep and personal connections, the foundations of which are communication and consistency. Prioritising timely and clear communication with clients and insurers helps set clear expectations and paves the way for strong accountability. Basic things such as calling a client before sending a long or complex email to talk it through with them and not avoiding difficult conversations have held me in good stead for the daily challenges we face as insurance brokers.
The relationship/communication side of the equation needs to be backed up by a strong technical expertise which I refer to as the craft of broking. This includes knowing markets, products and the risks of your clients so you can provide advice and insurance programs tailored to their requirements. I also believe as a broker we can set ourselves apart by having a deep understanding of the industries our clients operate in. Associations have a large role to play in this.
AS A YOUNG BROKER, WHAT ARE THE THINGS THAT APPEAL TO YOU ABOUT THE PROFESSION THAT OTHERS OUTSIDE MIGHT NOT KNOW ABOUT?
I often hear people mention the insurance industry
is the best kept secret, and I couldn’t agree more with this sentiment. Insurance broking is hugely important to the Australian economy and provides you with an opportunity to build a fulfilling career where you can make a difference in people’s lives. As part of the NIBA Young Broker Award I was lucky enough to travel to Coraki in regional New South Wales where we helped the local community get back on their feet following the March 2022 floods.
Vero had provided a grant, and the 2023 state winners put this towards a portable building at the local school so the children had somewhere to be for after school care. Seeing the difference this made to the local community was one of the most humbling things I have experienced and hearing the stories of residual trauma the residents deal with anytime it rains was eye opening.
WHAT HAVE BEEN SOME OF YOUR KEY LEARNINGS SO FAR IN YOUR CAREER?
I have learnt a lot about myself in my career, as insurance brokers we have our fair share of highs and lows. As a result, I have had to develop a strong resilience and belief in myself even when things aren’t going the way I want them to. Losing clients, claims being denied, and difficult conversations are not uncommon, and it is in the way we handle these that is the true test of character. Clients can always be contacted; denials can be reviewed, and difficult conversations can be overcome. I wouldn’t change my career for anything but giving my past self some feedback on difficult lessons wouldn’t hurt!
Another key to becoming the best broker you can is to be open to mentorship. I have been very fortunate to have had my dad Bruce Richards, my General Manager Danielle Doyle and previous colleague Greg Young as mentors for most of my career. Being able to bounce ideas off them has accelerated my growth and given me the framework to push myself outside of my comfort zone.
IF YOU WERE TO BE CROWNED THE NATIONAL YOUNG BROKER OF THE YEAR WINNER, WHAT WOULD THAT RECOGNITION MEAN TO YOU?
To be honest, being a state finalist and having the honour of representing Vic/Tas for the 2024 national award is still sinking in. I would not be the person I am today or be in the position I am without my family and the people who have support me. I hope what I have achieved to date justifies the effort and energy people have put into me and I dedicate all of my achievements to them. It would be a tremendous honour to be named the 2024 NIBA Young Broker of the Year and something I’m not sure could be topped.
The Young Broker of the Year Awards are proudly sponsored by Vero
WINNER OF THE VIC/TAS YOUNG BROKER OF THE YEAR AWARD
Executive Manager – Transport & Logistics, RSM Group Insurance Brokers
FUN-PACKED, RISK-PACKED
Whether clients are running an Australian tourist venue, arranging overseas tours or holding live events for the public, risks – and reputations –need to be carefully managed.
By MARTIN WANLESS
Insurance brokers need to turn their hand to many things to keep clients happy and protected – but have you ever thought about being a social media adviser? If your clients are involved in the tourism industry, you may well need to add that particular string to your bow.
Because when it comes to insurance, there’s a fine line between businesses selling the experience and highlighting potential risks to an underwriter.
“Twenty years ago, insuring tourism providers was fairly straightforward,” says Terry Hampton, Director of Optimus 1 Insurance Brokers in Cairns.
“All you needed to know was what you did, how many bums on seats you got per year, what infrastructure you had, and what you turned over. Now you’ve got social media to bring into the mix. It’s very common for an underwriter to turn around and show us Facebook posts that our clients have done, and sometimes they don’t particularly like what they’re seeing.
“I had one bloke who’d posted a video of himself doing donuts in a refrigerated truck – a big supermarket delivery van. The vehicle insurer saw it on social media and wasn’t happy!”
One of Hampton’s clients is Cape York Motorcycle Adventures, a family business that will celebrate its 35th anniversary in 2025. Cape York takes small groups of up to 15 out on off-road motorcycle adventures through national parks. Owner Renae Kunda laughs, “There’s a fine line between exciting a new customer and keeping national parks, ecotourism and your underwriter happy!”
THE IMPORTANCE OF GOOD RISK MANAGEMENT
On the face of it, a business offering adventure tourism activities is one that may cause insurers a few more concerns than others. However, strong risk management policies and procedures are at the heart of everything the business does – which goes down well when it comes to renewal time.
Cape York does some pretty gnarly stuff – pretty scary stuff from an insurance perspective. And, as you’d expect, there have been a few incidents over 35 years. But Renae is an absolute leader in her field – the risk management side of things has been designed by Renae, she produces perfect documentation, policies, reports and procedures, and has
the right disclaimers in place, which really puts the underwriter at ease.
So much so, in fact, that the underwriter who looks after Cape York came on the trip himself – not revealing his identity until later, and writing the business a glowing three-page testimonial.
RISING PREMIUM COSTS AND THE RISKS OF BEING SUBJECT TO A BIG CLAIM
While public liability insurance is essential for Cape York to get the permits to access National Parks and the like, Kunda says the increasing costs of premiums are impacting the business.
“Premiums have doubled in the past ten years, but we’re not able to double our prices – we’d simply not be competitive.
“Operating expenses are up, we’re in a cost of living crisis, and tourism is a luxury purchase – so it’s a struggle every day.”
Dean Van Es, Founder and CEO of FastCover, agrees that the cost of insurance is impacting many operating in this space.
“Operators in Australia’s tourism industry have faced numerous challenges since the pandemic, with access to insurance being one of the most challenging. In recent times, many tourism insurance providers
have looked to reduce their risk, leaving myriad tourism businesses struggling to secure their operations.
“Unfortunately, this means many tourism-related businesses and venues have closed, reduced their services or must now operate on uncertain ground. While operators across the industry have struggled, it’s been an especially prominent issue in the adventure tourism sector. As it stands, some insurance providers are unwilling to accept the risk associated with more dangerous activities such as downhill mountain biking.”
Hampton says, for many adventure tourism businesses, they’re potentially only one big claim away from going out of business.
“It’s difficult, because the reality is that if there’s a big claim, the chances of getting insurance again are small – and if you haven’t got that insurance in place, you can’t operate.”
Which just emphasises how vital it is to mitigate those risks in the first place.
POSITIVE SIGNS FOR ADVENTURE TOURISM
However, Greg Shallard, Senior Manager, Client Services at Affinity Insurance Brokers, believes the adventure tourism activity space is in the best position
“
“TRAVEL AGENTS ARE BYPASSING AUSTRALIAN TOUR OPERATORS AND GOING STRAIGHT TO THE DESTINATION MANAGEMENT COMPANY OVERSEAS – CREATING A POTENTIAL PROBLEM AS THEY MAY BE SEEN TO BE THE PRINCIPAL.”
– BRETT JARDINE, MANAGING DIRECTOR OF THE COUNCIL OF AUSTRALIAN TOUR OPERATORS (CATO)
”
ON WITH THE SHOW?
Live, ticketed events are hugely popular across Australia, and most definitely fall into that leisure experience category, another luxury purchase.
In Australia, there’s always a chance of adverse weather events calling an event off – but there’s another emerging risk that event organisers are becoming increasingly concerned about. Fortunately, there’s a solution. Marsh’s Lauren Coburn takes up the story.
“We’re seeing people becoming more concerned with regards to events and cancellations due to civil commotion,” she says.
“When you’re putting on an event, you’re expecting people to be able to arrive at that event. What happens if a protest takes place and police close down the roads? Your attendees cannot get there. You can insure against that with an event cancellation policy.”
“ ”
“IT’S DIFFICULT, BECAUSE THE REALITY IS THAT IF THERE’S A BIG CLAIM, THE CHANCES OF GETTING INSURANCE AGAIN ARE SMALL – AND IF YOU HAVEN’T GOT THAT INSURANCE IN PLACE, YOU CAN’T OPERATE.”
– TERRY HAMPTON, DIRECTOR OF OPTIMUS 1 INSURANCE BROKERS IN CAIRNS
it has been in for a number of years, with activities including mountain biking, canoeing and horse riding all being part of the Australian Adventure Activity Standard (AAAS), which provide a strong benchmark for how these businesses should operate.
“As a specialist broker in the adventure tourism space, we’ve actually seen a huge amount of positivity for those adventure tourism businesses doing things to standard and mitigating risks well. For example, we have had clients with pretty significant claims and we were able to get a renewal as they had demonstrated they had done everything correctly,” he says.
Shallard believes, however, that there is a huge spread in the quality of the risk that is being presented when insurers are looking at adventure tourism businesses, which can cause an issue for insurers.
“Due to the spread in quality of risk, insurers have seen inconsistencies in how activities are conducted and as such lost confidence in parts of the industry. This is mostly seen where there are no activity standards or accreditation systems in place that look at the operational risk management factors.”
The key differentiator for clients, believes Shallard, is working with brokers and insurers who specialise in the tourism industry.
“For example, we have staff who in addition to their insurance qualifications are qualified ski patrollers, instructors and horse riding coaches to deliver these services. In this space as a broker, you can’t just provide an insurance solution, you need to be a holistic risk advisor to the clients.”
OUTSOURCING RISK. IT’S NOT WITHOUT RISK!
Tourism takes many forms, and many trips both domestically and internationally are managed and coordinated by tour operators.
For small tour operators based in Australia, a significant risks lies in ensuring the businesses providing services – for example, coach transfers, experiences, trips and events – have the right protection in place.
Lauren Coburn, Managing Principal of Sport (Schemes), Leisure & Entertainment at Marsh, says, “A lot of the time they’re outsourcing the risk to third parties, but it also comes with some complexities. They need to make sure those third parties hold adequate insurance, because there is obviously a vicarious risk for the tour operators.”
Of course, tourism works both ways – inbound and outbound – and liability is a big concern for businesses that organise overseas trips for clients, too.
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However, when engaging an overseas provider, that liability may stay in Australia, causing a key issue for brokers to be aware of, says Brett Jardine, Managing Director of the Council of Australian Tour Operators (CATO).
Traditionally, a consumer would book through a retail travel agent, who would book through an Australian-based tour operator, who has put together a package through a destination management company overseas. However, new ways of working may be opening up additional risk to unsuspecting businesses.
“When an entity in Australia – tour operator or travel agent – packages multiple components then sells them at a package price, they are deemed the principal (tour operator) and under Australian consumer law carry liability for the delivery of the package, regardless of the end supplier.
“Entities that are already set up as tour operators in Australia should already have the appropriate business structure and insurances in place.”
Increasingly, says Jardine, travel agents are bypassing Australian tour operators and going straight to destination management company overseas – creating a potential problem as they may be seen to be the principal.
“In an international package travel transaction, someone has to be the principal and carry the liability,” he says.
“If a travel agent books individual components with suppliers and passes on costs on an item-by-item basis, they could still be deemed an agent. In this case, each of the overseas suppliers should be providing copies of their booking terms and conditions which are going to be based on consumer law of the destination.
“Typically, the agent and the consumer will not give this any consideration and are therefore unaware of the potential exposure.
“A travel agent would not usually have an appropriate structure or insurances to operate as a tour operator/principal – hence potentially exposing themselves in the event of a litigation.”
Jardine also highlights that tour operators liability insurance is a product that suffers from misunderstanding, and could be better explained.
“A lot of people misunderstand that to be public liability – it’s not. Tour operators liability insurance is a product that is necessary if a business owner or employee is physically escorting a group outside of Australia as part of an organised tour.
“If they aren’t escorting the party and are leaving it in the hands of the overseas provider, the liability in this scenario should pass to them.”
TRAVEL & TOURISM
FACTS AND FIGURES
International short-term arrivals June 2024
587,760 (up 8.4% YOY)
Short-term resident returns June 2024
863,950 (up 18.4% YOY)
DOMESTIC
TOURISM SPEND TO END MARCH 2023
$108.1bn (up 37% YOY)
Farming’s new dawn
Facing numerous challenges, farmers are looking to diversify income streams. And, as they do so, new risks emerge.
By MARTIN WANLESS
Across Australia, 55% of land is used for farming, contributing 2.7% to our GDP and accounting for 2.2% employment.
Farming’s a tough, tough sector to work in – subject to many of the same challenges as every other business in the country is, ramped up a number of notches. The weather, of course, is a constant challenge. But it’s far from the only one.
“Farming and agriculture are really exposed to a lot of the same things we see in urban environments – it’s just they’re all dialled up to 10,” says Dale Gleeson, General Manager at Elders Insurance.
“Agriculture is much more sensitive to the impact of an event. For example, a small to moderate hailstorm in urban Melbourne causes a bit of inconvenience and minor damage. If you have that same hailstorm on a crop just before harvesting, that’s potentially an entire season destroyed.”
To illustrate the challenge facing farmers, agricultural production in the 2023-24 financial year was $78 billion. In 2022-23, it was $94 billion, and James Hooper, Managing Director at Rural Affinity says, “Farmers operate
in a world of heightened uncertainty. They face an ever-changing landscape in relation to weather, input costs and commodity prices. Farmers carry large levels of debt and increasing interest rates over the past few years are putting pressure on farm businesses.”
THE CHALLENGES OF DIVERSIFICATION
As a result of that increased uncertainty, it’ll come as no surprise to any business-minded person that diversification is a hot topic for the farming world at the moment.
“Relying on traditional farming is not bringing in the dollars like it used to,” says Rhiannon Hamilton, Technical and Underwriting Officer at Ag Guard.
“I spoke to a sheep farmer who is getting $2.50 per head for their wool – which now is fairly good! – only to pay $2.40 a head to shear the sheep. With those margins you are really shearing because you have to, not to try and make a living. So as a result, they are looking at other ways to generate revenue from the farm.”
Building resilience into business has been a buzz phrase since the pandemic –albeit a hugely valid one. Insurance and robust risk mitigation are, of course, two key elements to that. And, says Gleeson, diversification plays a key role here, too.
“You create diversification so you can withstand pressure in any particular area,” says Gleeson.
“We’ve seen it with sheep and the wool price, we saw it over in Western Australia recently, with regulatory changes around live exports. There were a lot of farmers caught out with a lot of live animals that they were going to export and they couldn’t do anything with them. A number of those farmers started pivoting where they could, using the land for crops and other sources of farming.”
That diversification, however, presents both challenges and opportunities for brokers.
Hamilton says, “We are seeing a lot of paddock to plate businesses, farm stays, farm experiences, farm gate sales, you name it –but if a farmer introduces new products, new businesses, or new distribution channels, it will change your risk profile to your insurer. Some insurers will or can accommodate these changes, but some might re-evaluate and decide that is not for them.”
Hamilton says that it’s vitally important to have conversations with clients before any changes are made.
“I have had many conversations with clients that have made the change, then called after, only to be told we cannot insure them going forward. It is then
“CONSUMERS ARE LOOKING FOR TRANSPARENCY, WHETHER THIS BE YOUR CARBON FOOTPRINT AND WHAT THE BUSINESS IS DOING TO MITIGATE, OR TRACEABILITY WITH PRODUCE OR PRODUCT.”
– RHIANNON HAMILTON, TECHNICAL AND UNDERWRITING OFFICER AT AG GUARD
a mad scramble for a client to find a different insurance company who will be able to cover them for everything they need,” she says.
“Hipcamp [Airbnb for camping, for the uninitiated] is a great concept, but for insurers, it presents a different liability risk when you have the general public coming onto a farm. They may not understand the risks of the property or the land they’re camping on – a simple campfire could lead to an out-of-control fire and potentially burn down the farmer’s house or the neighbours’!”
MANAGING THE ESG RISK
While weather’s an ever-present challenge for farmers – and one that needs continual preparation and mitigation – an everemerging risk comes in the form of ESG (Environmental, Social and Governance) and sustainability. As a key part of the supply chain for many industries, farmers are under increasing regulatory and compliance pressures – and for brokers, it’s a ‘watch this space’ issue at present.
Hooper says, “I expect carbon emission targets to have the biggest impact on farmers, although at this stage I don’t see there is an immediate role for brokers here.
“However, carbon scoring will almost certainly be a part of ‘business as usual’
FENCE TALK
“FARMING AND AGRICULTURE ARE REALLY EXPOSED TO A LOT OF THE SAME THINGS WE SEE IN URBAN ENVIRONMENTS – IT’S JUST THEY’RE ALL DIALLED UP TO 10.”
– DALE GLEESON, GENERAL MANAGER AT ELDERS INSURANCE
It’s often the small things that can cause the biggest problems, and in farming insurance, fencing can be problematic.
“A common trend within the industry is farmers not insuring their fencing or the levels of cover are not commensurate with the risk,” says Rhiannon Hamilton of Ag Guard.
“We have had multiple clients try to claim for fencing damage from fallen trees, but they do not have fencing cover under their policy.”
for farmers, and I would recommend brokers keep abreast of developments in this area so that they are well-versed in this area when it becomes mandatory. It may eventually form part of the underwriting considerations for insurers.”
Hamilton believes that while ESG is an emerging risk, it’s also one that is impacting the whole of the insurance sector – and the farming community – right now.
“Consumers are looking for transparency, whether this be your carbon footprint and what the business is doing to mitigate, or traceability with produce or product.
“Farmers will play a key role in both reducing and mitigating the industry’s carbon footprint. Not only do we expect this to see more complex underwriting issues, but it could also lead to some interesting and innovative insurance product development.”
THE DAY-TO-DAY CHALLENGES
Returning to the day-to-day challenges, claims from attritional working losses –including animal impact – are par for the course, but Gleeson points to damage to machinery as being a key concern.
“We’re seeing large claims related to mechanical fires in some of our harvesting equipment, particularly cotton pickers,
and also severe losses in terms of equipment in transit – getting equipment from the yard to the site.
“It’s a short period, but it’s a highly exposed period – a lot of this equipment is incredibly fine-tuned, so once it falls off the side of a truck, it’s effectively done.
“You can lose $1.5-$2 million on a single piece of equipment in one load, so that’s a challenge for us, and often there is a potential gap in cover because clients don’t often think about that journey, from storage yard or manufacturing to the site.”
Hooper says storm damage to farm infrastructure is the largest contributor of claims cost at Rural Affinity.
“It has become industry standard for insurers to request photos to ascertain the condition of buildings to be insured. A regular maintenance program ensuring farm buildings are in sound condition is very important in determining access to coverage and to reduce premiums.”
Gleeson says that, ultimately, good communication goes a long, long way.
“The client, the broker or agent really need to be mindful of engaging with each other and keeping each other well informed of what they’re doing in their business,” he says.
THE IMPORTANCE OF GOOD HOUSEKEEPING
While farmers are well-versed in seasonal maintenance,Dale Gleeson of Elders Insurance says it’s still worth reminding them of the need to do the housekeeping side of things really well.
“It’s important to keep good clearance around the property, ensure there’s access for firefighting facilities, and always monitor the length of non-crop-based grasses and things like that,” he says.
“We’ve seen some really interesting examples, in the past couple of years, around the use of sheep in and around critical assets because they keep the grass really low.”
HUB
Labour
•
•
•
• construction
• manufacturing
• rail
•
•
• catastrophe-exposed properties
• mining sector
Property Risks
• Distressed or Difficult Occupations
• Vacant Properties incl Heritage listed properties.
• EPS Risks / Food & Beverage
Distribution
Risks / Food & Beverage
• Remote & Timber Pubs / Wineries / Distilleries
• Plastics / Timber Manufacturing
• High-hazard storage – Chemicals, Tyres
• North Australia – Traditional & Parametric options
• Waste & Recycling
• Renewable Energy Storage & Production
• CAR / Erection All Risks (+10M)
•
Accommoda
Agistment
Animal
Breeding
Carriage
Clinic
Clinics
Coaching
Den
Equine
Equine
Facility
Horse
Horse
Massage
Key Liability Occupations:
• Alternative & Complementary medicines
• Automotive
• Biotechnology
• Clinical Trials / Research
• Cosmeceuticals / Nutraceuticals
• Defence – machinery, weaponry & protective equipment
• Life Science / Pharmaceuticals
• Medical & Surgical Devices (including invasive implants)
• Medical Equipment / Products
• Medicinal Cannabis
• Mining
• Rail – Products, Maintenance, Locomotive Engineering, operators, Rolling Stocks & Engine Manufacturers
• Universities
• Veterinary Medicines
Key PI Occupations:
• Accountants
• Architects
• Engineers
• Environmental Consultants
• Insurance Brokers / Underwriting Agencies
• Law Firms
• Management Consultants
• Miscellaneous Risks
• Real Estate Agents
• Universities
• Valuers
Key FI Occupations:
• Fund Managers/Investment Managers
• Stock Brokers
• Managed Investment Schemes
• Excess lines for Financial Planners
Key D&O
• Insured firms can be not-for-profit, privately held or publicly traded
• Side A/DIC placements
• Medicinal Cannabis risks
• All industry sectors, both commercial and financial, are underwritten
Key Crime Commercial Crime Insurance is also offered alongside other Financial Lines products
BEST’S FINANCIAL STRENGTH RATINGS
The following is a list of AM Best Financial Strength Ratings (FSRs) assigned to insurance companies in Australia and New Zealand. Ratings as at 2 October 2024
Contact: Mr. Rob Curtis
Co-CEO & Managing Director
A. M. Best Asia-Pacific (Singapore) Pte Ltd. Tel: +65 9633 6118
Email: rob.curtis@ambest.com
AUSTRALIA RATING
ANNUITY AND ACCIDENT General Reinsurance Life Australia Ltd.
Ansvar Insurance Limited
First American Title Insurance Company of Australia Pty Limited
Reinsurance Australia Ltd
International Insurance Pty Limited
The New India Assurance Company Limited (Australia Branch)
Rating Disclosure: Use and Limitations: A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s, or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance and business profile or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AMBRS) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer, or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilised as a recommendation to purchase, hold or terminate any insurance policy, contract, security, or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended, or withdrawn at any time for any reason at the sole discretion of AMBRS.
*Denotes FSR is under review with developing implications.
NEW ZEALAND
Income Life Insurance Company (New Zealand Branch)
PROPERTY/CASUALTY
Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch)
S&P GLOBAL INSURER FINANCIAL STRENGTH RATINGS
The following is a list of S&P Global Ratings insurer financial strength ratings assigned to insurance companies in Australia and New Zealand. Ratings as at 1 October 2024
Contact: Craig Bennett, S&P Global Ratings, 03 9631 2197
NEW ZEALAND RATING
NON-LIFE INSURERS
AA Insurance Ltd.
AIG Insurance New Zealand Ltd.
Aioi Nissay Dowa Insurance Co., Ltd
Allianz Australia Insurance Limited
Berkshire Hathaway Specialty Insurance Company
Chubb Insurance New Zealand Ltd.
Factory Mutual Insurance Company
Great Lakes Insurance SE
Hannover Life Re of Australasia Ltd.
IAG New Zealand Ltd.
Medical Insurance Society Ltd.
Mitsui Sumitomo Insurance Co. Ltd (New Zealand Branch)
NorthStandard Ltd.
QBE Insurance (Australia) Ltd.
Society of Lloyd’s
Southern Cross Benefits Ltd.
Southern Cross Pet Insurance Ltd.
Teleco Insurance (NZ) Ltd.
AA-/STABLE
A/POSITIVE
A+/STABLE
AA-/STABLE
AA+/STABLE
AA-/STABLE
AA-/STABLE
AA/STABLE
AA-/STABLE
AA/STABLE
A/STABLE
A+/STABLE
A/STABLE
A+/POSITIVE
AA-/STABLE
A/STABLE
A/STABLE
BBB+/STABLE
Tokio Marine & Nichido Fire Insurance Co. Ltd. (New Zealand Branch) A+/STABLE
Vero Insurance New Zealand Ltd.
Vero Liability Insurance Ltd.
Zurich Australian Insurance Ltd.
HEALTH INSURERS
NIB NZ Ltd.
AA-/STABLE
AA-/STABLE
AA-/STABLE
A/STABLE
Southern Cross Medical Care Society A+/STABLE
LENDERS MORTGAGE INSURERS
Helia Insurance Pty Ltd. (New Zealand Branch) A/STABLE
QBE Lenders’ Mortgage Insurance Ltd.
LIFE INSURERS
Asteron Life Ltd.
AUSTRALIA RATING
NON-LIFE INSURERS
AAI Ltd.
A+/STABLE
A+/WATCH NEG
Medical Life Assurance Society Ltd. A/STABLE
NIB NZ Insurance Ltd. A/STABLE
REINSURERS
HDI Global Specialty SE
AA-/STABLE
Achmea Schadeverzekeringen N.V. A/STABLE
AIG Australia Limited
Allianz Australia Insurance Ltd.
Allied World Assurance Co. Ltd.
Berkshire Hathaway Specialty Insurance Company
BHP Marine & General Insurances Pty Ltd.
Chubb Insurance Australia Ltd.
Factory Mutual Insurance Company
Great Lakes Insurance S.E (Australia Branch)
Insurance Australia Ltd.
Liberty Mutual Insurance Company Limited
Mitsui Sumitomo Insurance Company Limited
NorthStandard Ltd.
QBE Insurance (Australia) Ltd.
QBE Insurance (International) Ltd.
A/POSITIVE
AA-/STABLE
A+/POSITIVE
A+/STABLE
LENDERS MORTGAGE INSURERS
LIFE INSURERS
AIA Australia Ltd.
REINSURERS
Aspen Insurance UK Ltd.
General Reinsurance Australia Ltd.
General Reinsurance Life Australia Ltd.
Hannover Life Re of Australasia Ltd.
Hannover Rück SE
HDI Global SE
HDI Global Specialty SE
Munchener Ruckversicherungs-Gesellschaft (Munich Reinsurance Co) AA/STABLE
Munich Reinsurance Co. of Australasia Ltd. AA/STABLE
Pacific Life Re (Australia) Pty Ltd
QBE Blue Ocean Re Ltd.
RenaissanceRe Europe AG
RGA Reinsurance Co. of Australia Ltd.
SCOR Global Life Australia Pty Ltd. A+/STABLE
SCOR Reinsurance Asia Pacific Pte Ltd.
Swiss Re Asia Pte. Ltd., (Australia Branch) AA-/STABLE
Swiss Re International SE AA-/STABLE
Swiss Re Life & Health Australia Ltd. AA-/STABLE
Transatlantic Reinsurance Company AA+/STABLE
* See page 11 for S&P Global disclaimers and additional information