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Exceeding Expectations
Insurance & Risk Professional, April 2010 It's no secret that Australia's financial sector was more resilient than many other financial centres coming out of the global financial crisis (GFC). During 2008/2009, the finance and insurance sector contributed 8.1% to the real gross value added to the Australian economy, according to Austrade's 2009 Benchmark Report. The sector also remained well capitalised with total assets for Australian financial institutions exceeding $4.4 trillion, which is equivalent to four times the gross domestic product. Furthermore, Australia's finance and insurance sector achieved an annual growth rate of 4.8% over the past decade, well above the combined average for all industries (3.3%), again reflecting the strength of Australia's service-based economy, the report said. To top it off, the World Economic Forum ranked Australia second in the world - ahead of USA, Hong Kong and Singapore, and behind only the UK - for strength of our financial systems and capital markets. In fact, Australia was the only country in the top 10 to actually improve its overall financial development score. And Australia's insurance brokers have also weathered the storm well. It was pleasing to read in the recent survey by Macquarie Bank that the GFC "seems to have had little impact on insurance broking business - just 10% made any significant changes ... whilst 15% are concerned or extremely concerned about the impact the GFC will have on their business during the coming 12-24 months". This all means that we have a lot going for us but we all need to continue to do our bit to keep the economy ticking over and to ensure that our collective voice rings clear and strong. Each day our industry gives the opportunity to engage our fellow men and women, to make a difference in their lives and improve upon our own. Insurance brokers should be proud of what they do; it is important to their clients and the Australian economy as a whole. Yet the world is continuing to change. Prime Minister Kevin Rudd warned recently that Australians need to work smarter and more efficiently to retain our standard of living. Annual planning can no longer be implemented along traditional lines - it is now a flexible, ongoing process. Together, working with members both old and new, NIBA will be ready to send a powerful message on the things that matter to the insurance community. Despite shocks to the system of recent years, where you have been is not half as important as where you are going.
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