Broker Buzz
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'Indemnity' versus 'Reinstatement' - what's the difference?
Posted 20.08.2010
The term indemnity is often incorrectly used to describe a category of compensation that is distinct from reinstatement.
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Attracting and retaining top talent
Posted 20.08.2010
The economy is recovering and the battle for top talent has been reignited. That means it is vital that insurers and brokerages get their strategies to attract and retain staff right. “There is a war for the best talent,” says Jane Neale of executive talent consultancy Hattonneale. “The skills shortages experienced before the GFC are rapidly coming back.”
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Bushfires Commission recommends scrapping of fire services levy
Posted 20.08.2010
The insurance industry is pushing for the Victorian Government to adopt the recommended scrapping of the controversial Fire Services Levy, but its calls have so far fallen on deaf ears.
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Commission disclosure ... what next after the election?
Posted 20.08.2010
Commissions paid to insurance brokers are likely to come under the microscope if the ALP wins this Saturday’s federal election.
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Finalists of the Warren Tickle Memorial Award announced
Posted 20.08.2010
The emergence of females in the new age of insurance broking has been confirmed with the announcement of the five finalists for the Warren Tickle Memorial Award (WTMA).
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New student awards from NIBA College
Posted 20.08.2010
NIBA College has introduced the Student and Trainee of the Month awards to recognise outstanding insurance professionals who are working hard to improve their knowledge and skills.
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Modest increase in premiums in first half of 2010
Posted 20.08.2010
“Reasonable slight increases” to premiums experienced by NIBA members so far this year.
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Product recalls to require more stringent strategies
Posted 20.08.2010
An ACCC review has found that manufacturers must try harder to encourage consumers to return faulty goods during product recalls.
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Siemsen Group helps kids affected by floods
Posted 20.08.2010
The Under 10 division of Charleville Junior Rugby League was able to win two matches at the state representative carnival, train with the Gold Coast Titans and watch the Brisbane Broncos play the Wests Tigers last month thanks to a generous donation from the Siemsen Group.
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The benefits of further study
Posted 20.07.2010
Gemma Gould, a broker with Sydney firm MGA, is currently completing the last module of an Advanced Diploma of Financial Services at NIBA College. She spoke with Broker Buzz about balancing work with study and her hopes for the future.
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The future of superannuation
Posted 20.07.2010
More than 450 formal submissions – including 7300 pages of opinions, ideas and data – could hold the future of Australia’s superannuation system in the Cooper Review.
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The ongoing impact of the Icelandic volcano
Posted 20.07.2010
Travel insurer Chartis has asked Australian businesses to re-examine their existing policies in light of the Icelandic volcano eruption earlier this year.
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Top tips for crisis management insurance
Posted 20.07.2010
The world is an unpredictable place, where a crisis can emerge rapidly and threaten business, employees or customers. While you can’t always prevent a crisis, you can prepare for one.
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Policy wording to watch out for
Posted 20.07.2010
In the first of a series of articles on the ambiguity of policy wording, Dr Allan Manning and Peter O’Brien from LMI consider two terms which are frequently encountered and often misunderstood.
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National licensing laws come into force
Posted 20.07.2010
Insurance brokers caught in the net of a new national licensing regime (aimed at anyone who provides, or helps to secure, credit for consumers) face the possibility the new laws may be extended to cover small business clients as well.
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McLardy McShane Golf Day raises funds for youth charity Reach
Posted 20.07.2010
Victorian firm McLardy McShane held their sixth annual charity golf day on 17 May in Portsea. More than 150 attendees raised $30,000 for the Reach Foundation, a charity run by AFL legend Jim Stynes, that works to empower young people and help them reach their full potential.
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Five ways to ensure sponsorships deliver a return
Posted 20.07.2010
Most insurance brokers get involved in some kind of sponsorship activity. Whether it is the local footy team, an industry association or a national charity there are a number of fundamental things companies should do to get a better return for their business.
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Future looking bright for insurance brokerages
Posted 20.07.2010
Insurance broking is forecast to be the third-best performing industry in Australia over the next 12 months, according to a recent report by IBISWorld.
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General Insurance Code of Practice Training
Posted 20.07.2010
Have you updated your offer procedures to comply with the latest version of the General Insurance Code of Practice?
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NSW Government fails to remove fire services levy in latest Budget
Posted 9.06.2010
The NSW Government has removed one insurance tax but kept the fire services levy on insurers in its latest Budget.
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Consultation on the potential banning of commissions paid to insurance brokers is expected to commence shortly
Posted 8.06.2010
The Federal Government recently announced that commissions paid to financial planners would be banned and NIBA is concerned that insurance brokers are next on the list.
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How to make the most of the new financial year
Posted 8.06.2010
If you’re fed up getting the same results year in, year out and you feel like it is ‘Ground Hog Day’ every day, you’re trying to grow your insurance broking business in the hyper-competitive insurance industry and are searching for a way to dramatically increase your income and profits while maintaining some kind of a social life … well here are seven tips that will give you every chance to improve your business success this new financial year.
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Claims costs from Melbourne and Perth storms top $1.8 billion
Posted 8.06.2010
The recovery continues for many families and businesses after the severe weather that struck Melbourne on March 6 and, only weeks later, in Perth on March 22.
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Climate change … still a hot topic with brokers in Australia?
Posted 8.06.2010
With an Emissions Trading Scheme ‘on hold’ and with increased weather events – what does climate change really mean for brokers and their clients in 2010? What are the risks and opportunities? Are brokers equipped to help their clients deal with the weather and climate change issues?
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Brokers who provide premium funding should consider registering by the end of June
Posted 8.06.2010
New consumer credit laws come into force on 1 July and NIBA has urged member brokers who provide premium funding to consider registering online by the end of this month.
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Builders warranty insurance receives support from state governments
Posted 8.06.2010
The governments of New South Wales, Victoria and Western Australia have stepped forward to ensure continued protection for the building industry.
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Accident & Health - frequently asked questions
Posted 8.06.2010
Broker Buzz asked Sean Walker, Zurich's National Underwriting Manager for Accident & Health, for answers to frequently asked questions about this type of insurance.
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Aon partners with Smartline to improve life risk advice for mortgage holders
Posted 8.06.2010
In a sign of the continuing trend towards the integration of financial services, Aon Australia has entered into a new partnership with a mortgage broking business to provide life risk advice.
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Simon Landrigan wins Young Professional of the Year for WA
Posted 8.06.2010
In 16 years, Simon has risen through the ranks at Aon in a career he says he “passionately loves”.
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Young broker says study has helped further his career
Posted 8.06.2010
Simon Hepworth, 21, from Lillingston & Marshall Insurance Brokers in Ballarat was awarded the 2010 CGU Norm Dyer Award of Excellence at the recent Insight conference in Tasmania.
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Zurich helps kids in Cape Town
Posted 8.06.2010
During the recent AIMS conference in Cape Town, South Africa, Zurich and AIMS held a mini mock-World Cup football game to help impoverished kids.
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Where is the growth for Directors' and Officers' insurance?
Posted 30.04.2010
Find out what the experts have to say about the growth sectors for D&O insurance.
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Lawyers for Royal Commission into Victorian bushfires recommend Fire Services Levy be abolished
Posted 30.04.2010
The long fight against Victoria’s Fire Services Levy (FSL) has received a significant boost, with a review of evidence at the Royal Commission into the Black Saturday bushfires concluding that the levy is unfair and should be abolished.
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3 ways to improve your broking business
Posted 30.04.2010
Whether your interest is in short, sharp skills training, polishing your broking skills or building a specialist career – NIBA College has 3 new ways to meet your need.
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Insurance Contracts Amendment Bill 2010
Posted 30.04.2010
The amendments to the Insurance Contracts Act 1984 (IC Act) have now been released and are expected to be passed this year, possibly as early as June or July.
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Marsh volunteers to help the community and the environment
Posted 30.04.2010
Volunteers from Marsh have been out and about to make a positive difference as part of the broking firm’s Community & Environment Program.
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Financial planning commissions banned by Federal Government
Posted 30.04.2010
NIBA expects to take an active role in consultations with the Federal Government about commissions paid to insurance brokers, following the proposed banning of commissions for financial planners.
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Perth storms - one insurance broker's experience
Posted 30.04.2010
Perth’s Cambridge Insurance Brokers has been busy with claims since the severe storm that hit the Western Australian city on 22 March. Director Marcus Pobjoy tells Nina Hendy how his firm has coped with the increased workload.
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Get ready for the new data collection requirements for brokers placing business with unauthorised foreign insurers
Posted 30.04.2010
There are new data collection requirements for all broker licensees. Additional information will be collected from those placing business with unauthorised foreign insurers.
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Premiums forecast to rise an average of 3.0% in 2010
Posted 30.04.2010
The insurance market is expected to be less volatile this year, according to the 535 executives who responded to Aon Australia’s Australasian Risk Management Survey.
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Profile: Emilie Webster
Posted 30.03.2010
Emilie Webster has joined NIBA in a newly developed role of Education and Broking Services Consultant.
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Insurance brokers assist clients with claims from Melbourne and Perth storms and Queensland floods
Posted 30.03.2010
Insurance brokers have been kept busy around Australia as tens of thousands of claims pour in from homes and businesses damaged by hail, fallen trees and flooding.
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Find what you want, when you want on the NIBA website
Posted 30.03.2010
NIBA has overhauled the content on its website and created new online communication tools to ensure brokers can find the information they need.
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Have you checked to see if any of your clients are eligible for stamp duty refunds on their policies?
Posted 30.03.2010
Queensland has followed NSW and the ACT by enabling insurance brokers to apply for stamp duty refunds on policies taken out with unauthorised foreign insurers and Lloyd’s underwriters.
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Warren Tickle Memorial Award
Posted 30.03.2010
Entries are now open for the NIBA Warren Tickle Memorial Award for the most outstanding young professional in the insurance industry. Submissions are due by 30 April. The winner will be announced at the NIBA Convention on the Gold Coast in October.
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Cycle for cancer research
Posted 30.03.2010
It was a beautiful day in Ballarat as Team OAMPS — along with friends from Lumley, QBE and CGU — set off on the Ballarat Cycle Classic.
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10 things insurance brokers should know about their small business clients
Posted 30.03.2010
The key to choosing the right policy for small business clients is to have a good understanding of the business before you start your search. What’s truly at stake and how can it be covered?
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