NIBA's weekly e-newsletter, Broker Buzz, is packed with the latest industry and product news, regulatory updates, forthcoming events and seminars.
National Insurance Brokers Association (NIBA) CEO, Dallas Booth addresses the findings of the joint investigation by ABC’s four corners and Nine newspapers into Australia’s workers compensation system, that has revealed systemic issues within the state nominal insurer including solvency issues, underpayment of claims and agent misconduct.
The probe revealed worrying details about the financial position of NSW’s nominal insurer and documents revealed that earlier this year the State Insurance Regulatory Authority (SIRA) warned treasury that the fund’s liabilities outweighed their assets by almost $460 million.
The investigation also uncovered treasury documents revealing 52,000 workers have been underpaid an estimated $80 million in claim benefits, double the amount disclosed earlier this year. The underpayment scandal has been described as one of the largest in the country.
The insurer is also facing questions as to how it awards contracts. Over a two-year period, $118 million worth of contracts were awarded despite never being put to tender.
The investigation also highlighted a history of poor claims management that has increased liabilities and lead to higher premiums for employers while delivering poorer outcomes for injured workers.
The investigation spoke with a number of people connected to the workers compensation industry, some of whom expressed concerns as to who would ultimately pay for these failings.
NIBA CEO Dallas Booth speaks to NextGen Jobs' Operations Manager Evan Henry about an exciting new partnership.
NIBA, together with QBE, announced the 2020 Broker of the Year winners in a virtual awards ceremony held today.
Futurist and being NIBA2020 speaker, Gihan Perera, on preparing for disruption
NIBA CEO, Dallas Booth addresses the findings of the joint investigation by ABC’s four corners and Nine newspapers into Australia's workers compensation system