CEO / Welcome
HAPPY HOLIDAYS
A
s 2023 draws to a close, looking back, there is much to see. Looking to 2024, there is even more ahead. Having started the year mopping up from floods in Northern NSW and South Queensland, we now brace for what is predicted to be a dry, hot summer. Perhaps I am drinking the Kool-Aid, but I feel that insurance, more so the concept of “risk”, has never been more front of mind in terms of mainstream discussions. Of course, risk can take on many forms, and insurance brokers are best placed to assist clients in identifying, managing and insuring against risk. Inflation and the increasing cost of living have forced families and businesses to look at their household spending and ensure they are getting the most value for their electricity, their internet, their groceries, and their insurance. In NSW, the Emergency Services Levy artificially inflates premiums unnecessarily, and we were heartened when the NSW Government announced it would review the current system that penalises those who take out insurance. The Tasmanian Government is already well advanced in its review, but as is often the case, there are winners and losers, which has slowed the process. Hopefully, NSW will not suffer the same fate that forced the Government to backflip a few years ago. The Federal Government has pledged an unprecedented amount of funds into risk and mitigation through its Disaster Ready Fund. Adding to the federal investment are a few state initiatives. The Cyclone Reinsurance Pool continues to gain momentum as insurers join the pool, though it seems it will be some time before we see if there are any true benefits from the pool. Cyber threats have long been talked about in insurance circles, but only recently has the reality hit, with several high-profile incidents reminding us how vulnerable we are and how important it is to be aware and mindful of how we interact and how we store our data. Brokers continue to play a role in workers’ compensation through collaboration and cooperation in NSW through icare and Workcover WA in Western Australia. The first tranches of draft Legislation relating to the Quality of Advice review have arrived and brokers are well placed, given the existing requirements that are already in place through the 2022 Insurance Brokers Code of Practice. Next year, we will see continued challenges with inflation, but hopefully there are green shoots signaling the longawaited softening of insurance markets and opening capacity to improve accessibility and affordability of insurance.
6 / INSURANCE ADVISER DECEMBER 2023 / JANUARY 2024
NIBA will continue to advocate for its members through our pillars of Representation, Professionalism and Community. On that note, I would like to take the opportunity to thank all of those in the NIBA broker community who have contributed to the success of NIBA this year. Our Divisional Committees, Young Professionals, and the Convention Committee, who helped deliver a wonderful return to the NIBA Convention at the Gold Coast. Thank you also to those who participated in the Mentoring Program, many of whom have done so for a number of years. Nurturing the next wave of professionals is so important, and we have been heartened by the extremely positive response to the NIBA ‘Insure Your Future’ initiative, thanks to the dedication of the Committee that has been ploughing away for the last 12 months to get the initiative off the ground and encourage more people to choose a career in insurance broking. Thank you to all our sponsors and exhibitors who helped us deliver the various professional and social events throughout the year. It sounds clichéd, but we really can’t run these without you. We started the year with a new Constitution and some fresh new faces on the Board, and we are lucky to have the variety of expertise and experience to help guide NIBA through different times. And through all this, the small but dedicated NIBA team managed to make things happen and introduced some exciting updates – our new webpage, database and Member Portal. So, like me, I am sure you are all ready for a break. From everyone at NIBA, we wish you a Merry Christmas and an exciting 2024.
PHILIP KEWIN Chief Executive Officer, NIBA
