#NIBA2021: Spotlight on Brisbane

Be quick to secure your ticket to the NIBA 2021.2 Convention in February.

“I encourage all members to register if they haven’t already done so, as there is a lot to be gained from this event”, said Phil Kewin, NIBA Chief Executive Officer.

”Members can either attend one face-to-face session in their home state or attend one face-to-face session and the other four sessions virtually from home or the office’’, he added.

‘’There is also an on-demand option if you are not available to attend the session face-to-face or virtually, and want to view the session at a later time”, he added.

We have a stellar line-up of speakers and a summary of the presentations and some of the speakers who will be presenting at the Brisbane session on 16 February are outlined below.

#NIBA2021: Spotlight on Brisbane

Program details – Sofitel Brisbane Central, 249 Turbot Street, Brisbane

1:00 PM – 3:00 PM AEST
Welcome from the Master of Ceremonies – Bill McDonald

Storms, floods, fires: insurance for weather-related incidents | on the nature and trends on major risks from an insurance perspective – Ryan Crompton, Managing Director, Risk Frontiers

Storms, floods, fires:  insurance for weather-related incidents | on mitigation and resilience measures for domestic, strata, and SME – David Henderson, Chief Engineer, Cyclone Testing Station, James Cook University

Storms, floods, fires:  insurance for weather-related incidents – Stephen McShane, Northern Region Technical Property Specialist, CGU

Northern Australia Cyclone reinsurance pool: a perspective from insurers – Presented by Suncorp

Northern Australia Cyclone reinsurance pool: a perspective from brokers – Steven Hill, Qld Director, Capital Innovation Insurance Group interview with Ron Bellert, Director, North Queensland Insurance Brokers

3:00 PM – 5:00 PM
Exhibition hall open

5:00 PM – 7:00 PM
CGU networking drinks in the exhibition hall

A highlight of some speakers

Storms, floods, fires: insurance for weather-related incidents | on the nature and trends on major risks from an insurance perspective – Ryan Crompton, Managing Director, Risk Frontiers

There are concerns that climate change could exacerbate already increasing trends in property losses. Industries are increasingly accessing tools and data to quantify the potential impact, and these are available to brokers to inform their insurance advice to clients.

In this presentation, insured natural disaster loss activity in Australia will be reviewed and discussed in the context of the findings from the Climate Measurement Standards Initiative (CMSI). In particular, it will cover the influence of climate change on ‘acute climate hazards’ – such as tropical cyclones, floods and extreme fire weather days – that contribute significantly to insured property losses. Our analyses of the Insurance Council of Australia (ICA) Disaster List have revealed the large societal change influences on the time series of losses. This includes increases not only in inflation but also in populations and wealth, particularly in areas such as south-east Queensland. High growth areas that are also adversely affected by climate change in the future will further concentrate risk.

Catastrophe loss models are a key tool that can be used to analyse possible climate change effects on future disaster losses. They have three major modules – hazard, exposure, and vulnerability. The hazard module can generate many possibilities of what hazard activity might be next year or at a future point in time, under a given emissions scenario. The exposure module includes details about the assets, such as insured value, age, and other attributes. The vulnerability module relates the hazard to the damage ratio for a given asset type. These modules can be varied individually or together to assess changes in the hazard, future exposure levels, and adaptation measures under a future climate.

The insurance industry has had sophisticated tools and analytical capabilities for several decades. With the increased focus on climate risk, there are increasing opportunities to apply these to other sectors, as well as to assess current and future risks.

Storms, floods, fires:  insurance for weather-related incidents – Stephen McShane

Not all property risks reach the quote stage, making it critical for insurance brokers to effectively engage with underwriters and provide the information necessary to consider the risk.

In this session, Northern Region Technical Property Specialist Stephen McShane will share key tips and pointers to educate brokers on what underwriters look for in a submission. Important details such as timing, history, surveys, risk management, client motivation, and communication will be explored in detail to help insurance brokers present risks with the best possible approach to ensure the best possible outcome for the insured.