More than 500 NIBA insurance brokers rated insurers’ products and services in a range of categories as part of the annual NIBA Broker Market Survey.
It is the combined results of the questions in this survey, that ultimately determines the General Insurance Company of the Year.
Having looked long and hard at the results of the Nielsen survey, NIBA decided to acknowledge the fact that brokers deal with a number of underwriting agencies, or managing general agents, as well as dealing with APRA authorised insurance companies operating in the Australian market.
NIBA President Eric Harris said: “The underwriting agencies are often specialist operations, offering cover in a specific area of risk, with specialist expertise to offer in that area of insurance.
“Insurance companies mostly offer a broader range of cover, and in some cases offer cover in most areas of general insurance,” he explained.
NIBA therefore decided to award an Underwriting Agency of the Year and General Insurance Company of the Year, which must be an APRA authorised insurance company operating in the Australian market.
At the NIBA National Awards Ceremony, Harris announced GT Insurance as the 2020 Underwriting Agency of the Year, and Berkeley Insurance Australia as the 2020 General Insurance Company of the Year.
Harris also noted that the winners were in fact the two strongest performers in this year’s Broker Market Survey.
In congratulating the winners, Harris said: “Congratulations to GT Insurance and to Berkley Insurance Australia for providing quality products, service and support to insurance brokers and their clients over the past 12 months.”