#NIBA2020 delegates were captivated by the unique sound and talent of the KARI Singers, in a stunning Acknowledgement to Country at the commencement of the 2020 NIBA Virtual Convention.
Emcee Andrew Klein opened the formalities and handed to NIBA President Eric Harris for his opening address.
Harris took the opportunity to reflect on what has been a challenging year, “We started 2020 in severe drought, and with severe fires burning from the NSW Queensland border, right down and into Victoria, with significant fires in South Australia as well.
“That was followed by a nasty hailstorm in Canberra and Melbourne, and other major storm activity along the east coast of Australia,” he added.
“The events have again shown the critical importance of insurance for people, communities and the nation all over. And the importance of advice.”
Harris then turned his attention to COVID-19, and paid tribute to members of the insurance industry for their contribution to the ongoing function of insurance in Australia, and for the ongoing support of clients at this challenging time.
Harris continued that NIBA remains committed to professionalism in insurance broking.
“After discussing the matter at length and consulting widely across our membership, NIBA has lodged a submission with ASIC seeking the raising of industry qualifications from Tier 1 to a full Diploma of Insurance Broking.
“NIBA has long held the view that a professional insurance broker should hold appropriate qualifications for the work they do on behalf of clients, and the NIBA Board was very pleased to sign off on the ASIC submission to raise standards in this area.”
Harris also spoke about the review of the Insurance Brokers Code of Practice, which will be discussed in greater detail during a concurrent session on Wednesday afternoon, and the Deloitte Access Economics report, commissioned by NIBA, on the role and value of insurance brokers. John O’Mahony, Partner at Deloitte Access Economics, will take delegates through the findings of the report, first up on Friday.
Finally, Harris announced that a Strategic Industry Review was about to get underway, which will identify what the industry wants insurance broking to look like in 3 – 5 years.
“The NIBA Board will spend considerable time on this issue during November, and I am looking forward to those discussions.”