the driver, the higher risk they ar 54.3% of the insurance services in NEWS / Representation external relation and internal and external relatio of an escalator. By focusing summed up in can minim degraded concrete. Re There is a lot happening at the present time. The following are a few key developments that insurance brokers need to be aware of. more likely to return to work saf killed on quad bikes in th ICA Trowbridge report Last month the NIBA Board of Directors or GIF can reli met with John Trowbridge to discuss the independent review currently being relying on words to understand undertaken into the commercial insurance market. The Board raised a number of issues, many of which had also been highlighted 7 time as part of the consultation process, including the need for greater engagement number of vehicle fatalitie between brokers and underwriters. Directors pointed to a number of industries where brokers routinely face difficulties A bold ad can h finding cover for their clients despite good claims history and risk management. A number of these industries are also required attract new customers, retain em to hold certain types of cover in order to continue to trade, which Directors said, were Queensland reinsurance pool. NIBA will reforms, including lack and stayCommission in touch with your injur almost impossible to obtain. continue to engage with both Treasury and of independence disclosure, add-on insurance
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NIBA also provided a submission to the review’s consultation paper on commercial insurance. NIBA’s submission highlighted these issues and called for insurers to work with these hard-to-place industries to find solutions to address both affordability and availability concerns.
Emergency Services Funding in NSW & TAS
NIBA continues to encourage all brokers with clients in New South Wales and Tasmania to visit the Emergency Services Funding Hub on the NIBA website (niba.com.au/insuranceaffordability). NIBA has prepared materials for both NSW and Tasmanian members to provide to clients, including a template letter that brokers and clients can send to their local MP, calling for the abolition of insurance-based taxes and a more equitable system for the funding of state fire and emergency services.
North Queensland Reinsurance Pool
Last month NIBA met with members of the Treasury’s taskforce to discuss the North
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the Australian Reinsurance Pool Corporation (ARPC) to ensure that the pool can provide real benefits to the North Queensland market. To support this NIBA also provided a response to the Treasury’s discussion paper on the proposed reinsurance pool. In the submission NIBA raised a number of concerns including that projected savings to homeowners would likely not be enough to address the significant disparity in premiums and would do little to increase affordability. NIBA also called for the design process to focus on increasing insurer activity in the region to promote competition and innovation.
Royal Commission Legislation
NIBA continues to engage with ASIC and Treasury on a number of Royal
exemptions, anti-hawking and Design and Distribution Obligations for brokers. NIBA has provided member guidance on a number of royal commission reforms scheduled to commence later this year, with more guidance expected to be released shortly, pending the outcome of these discussions.
The Role and Value of Insurance Brokers
NIBA continues to meet with State and Federal MPs, Ministers and business and consumer groups to promote the Deloitte report on the Economic Value of Insurance Broking and the Value of Brokers more broadly ahead of the 2022 review into the intermediated insurance industry.
CONTACT NIBA
As always, brokers who have questions about these or any other government or regulatory matters should feel free to contact NIBA CEO Dallas Booth at: dbooth@niba.com.au
