8 minute read
Industry Bulletin
CONGRATULATIONS TO THE 2021 NIBA AWARD WINNERS
Tony Venning of Crucial Insurance & Risk Advisors in Queensland has been named the winner of this year’s QBE-sponsored Stephen Ball Memorial Award for the Broker of the Year, while Mitch Wight of Integral Insurance Services in Victoria was awarded the Vero-sponsored Warren Tickle Memorial Award for the Young Professional Broker of the Year.
QBE Australia Pacific Chief Customer Officer, Commercial Lines, Jason Clarke, said, “Tony stood out in an impressive pool of finalists for his skilled customer service, client advocacy and extraordinary commitment to professional excellence.”
“Our industry is highly specialised, and at QBE, we believe its success heavily relies on our ability to partner with brokers who use their skill and expertise to help Australians manage their risk. We’re proud to work with NIBA to recognise and celebrate the best in the business and the invaluable contribution made by brokers to help raise the bar across the industry.”
In congratulating Wight on his win as the Young Professional Broker of the Year, Anthony Pagano, Vero’s Head of Commercial Intermediaries said: “Mitch represents the very best of the insurance broking profession. He is a true advocate for his clients, has built a solid reputation for high standards and has a genuine passion for giving back to the community. Mitch’s personal integrity and genuine approach shone through the program, and we’re excited to provide ongoing support to him and other young brokers across the country.”
“Congratulations Mitch on an impressive achievement as the 2021 Warren Tickle Memorial Award winner.”
Former NIBA CEO Dallas Booth said, “Each year, when I have the opportunity to judge the Broker of the Year award, I am again reminded of the professionalism, dedication and commitment of our leading insurance brokers across Australia, and that happened again this year. Our finalists are the embodiment of true excellence in insurance broking, and it was a very difficult decision to determine this year’s winner. Sincere congratulations to Tony and to all the finalists.”
“I would also like to pay tribute to the finalists for the Warren Tickle Memorial Award. Again, real role models for the work they do and the support they give to their clients. Congratulations to Mitch and all the finalists. Insurance broking in Australia is in very good hands.”
“NIBA would also like to sincerely thank QBE and Vero for their ongoing sponsorship of the two awards.”
This year, the Lex McKeown Trophy was awarded to Timothy Wedlock, Managing Director at AEI Insurance Brokers. The Lex McKeown Trophy is awarded at the discretion of the NIBA President, in consultation with the NIBA Board of Directors and the Chief Executive Officer.
“Tim has been a long-standing NIBA member who has provided outstanding service to the Association and has made a significant contribution to the broking profession,” Booth said.
Wedlock’s career spans more than 30 years in the insurance broking profession. In 1989, he commenced worked as an Account Manager at Australian European Insurance Brokers (AEI) and in 2006 he founded and became the Principal of Austbrokers AEI Transport Pty Ltd. He is now the Managing Director of the AEI Group incorporating the AEI companies, comprising seven branches across four states (NSW, ACT, Qld and Vic) with 100 employees.
During his career, Wedlock has shown a commitment to studying through the NIBA College, obtaining his Diploma of Financial Services (Insurance Broking) in 2003, his Diploma of Financial Services (Life and Superannuation) in 2005, and his Advanced Diploma of Financial Services (Insurance Broking) in 2008. As a result, he is now a proud QPIB and Fellow of NIBA and ANZIIF.
Booth added, “On behalf of the NIBA Board, I would like to congratulate Tim on being the Lex McKeown Trophy winner for 2021 and thank him for his ongoing commitment to the industry”.
Alongside the broking winners, the recipients of the General Insurer of the Year award and Underwriting Agency of the Year award were also announced today.
The 2021 General Insurer of the Year award, which is considered as one of Australia’s most prestigious industry awards for insurers was won by Liberty Specialty Markets.
Booth said, “The General Insurer of the Year award is voted by brokers. Brokers are asked in the annual Broker Market Survey, which is conducted by market research firm Nielsen, a range of questions about their overall experience across a range of important product and service quality criteria. The combination of these results ultimately determines the winner of the General Insurer of the Year.”
The 2021 Underwriting Agency of the Year title was awarded to NTI.
“In 2020, NIBA created the Underwriting Agency of the Year award to acknowledge the fact that brokers deal with several underwriting agencies, or managing general agents, as well as dealing with APRA authorised insurance companies operating in the Australian market.”
“I would like to congratulate both Liberty Specialty Markets and NTI on their awards and thank them for their high level of service and outstanding product quality,” Booth concluded.
For breaking news and updates curated specially for insurance brokers please visit: niba.com.au/articles
ASBFEO REPORT ON INSURANCE FOR THE ENTERTAINMENT SECTOR
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Bruce Billson, has released an interim report into the insurance crisis facing Australia’s amusement, leisure, and recreation sector.
The report, The Show Must Go On, explores whether a Discretionary Mutual Fund (DMF) can be a durable solution and discusses required legislative reform by states and territories to ensure it is ‘fit for purpose’. The ASBFEO has been reviewing a proposal by the Australian Amusement, Leisure and Recreation Association (AALRA) to establish a DMF as a solution to the critical and immediate need for insurance in the sector.
The interim report found the lack of affordable insurance was not the fault of the amusement industry but due to a “hardening” in the global insurance market. Very few insurers are willing to insure the industry, and premiums – when available – had risen by as much as 200 percent.
Billson said, “The lack of insurance coverage could lead to the closure of businesses in the amusement and leisure sector, significant job losses (particularly in regional areas), stranded assets and loss of economic activity generated by metro and regional shows and amusement parks.”
“As businesses look to re-open after lockdowns, this issue is a shattering blow for those small and family businesses in the amusement, leisure, and recreation sector which will be forced to stay shut because they can’t get insurance. There is a very real possibility shows won’t go on – something has to be done for the show to go on. A DMF may represent the only workable solution.” Public liability insurance coverage is a legal requirement for the operation of rides at showgrounds and fixed installations, both through contractual obligations and obligations imposed on councils and other landowners by state and territory governments. The Show Must Go On interim report and overview can be found online: asbfeo.gov.au/reviews/ discretionary-mutual-fund-review.
The NSW Government has announced a specialist Ministerial Advisory Panel to advise on the introduction of decennial liability insurance (DLI) into the Australian market.
Minister for Better Regulation and Innovation, Kevin Anderson said the Ministerial Advisory Panel will be chaired by past Insurance Council of Australia President Gary Dransfield and is made up of experienced industry leaders from the construction, finance, and insurance sectors.
Anderson said, “We have laid the foundations for DLI over the last 18 months through reforms, such as the Building Assurance Solution and the Risk Rating tool, and now the game is changing. Our nation-leading reforms will explore the potential for insurers and developers to provide an insurance safety net for consumers that is currently lacking in the multi-unit high rise sector.”
“A DLI policy would cover potential serious defects which arise up to 10 years after a project’s completion giving confidence to consumers to buy into multiunit residential construction in NSW.”
The introduction of DLI would also tackle the illegal practice of phoenixing, as only developers who demonstrate a commitment to a long-term market presence will be able to acquire an insurance policy.
“Insurers will be assessing developers’ ratings score, their corporate governance, and balance sheets. While good quality work will be underwritten, poor quality developers will find themselves out of the market,” Anderson added.
“Establishing a market for DLI would mean untrustworthy developers are weeded out, creating a stronger, more competitive market where consumers can purchase with confidence.”
The Ministerial Advisory Panel will draw on expertise from key construction industry stakeholders, insurers, strata bodies, and representatives from the NSW Government. It is expected the Panel will report back to Government with options stemming from its investigations next year.
Chair of the Ministerial Advisory Panel Gary Dransfield said DLI in Australia would lead to greater protection for consumers against major defects, “I am really pleased to be able to assist the NSW Government and industry participants to develop an insurance proposition that will build on the reforms already delivered and further enhance protection for apartment buyers.”
Andrew Hall, CEO of the Insurance Council of Australia (ICA) also welcomed the announcement of the panel, “The ICA supports the establishment of the Decennial Liability Ministerial Advisory Panel and congratulates the NSW Government on bringing about further leading building reforms, targeted at improving the quality of building product produced in NSW. We welcome the opportunity to work with Government on this important area of consumer protection.”
For breaking news and updates curated specially for insurance brokers please visit: niba.com.au/articles
