'Critical time ahead' as NIBA looks back on 40 years

‘Critical time ahead’ as NIBA looks back on 40 years

4 August 2022

The upcoming National Insurance Brokers Association (NIBA) summit in October – themed Trust, Professionalism, Community – will mark the group’s 40th year, in one of the most challenging periods for the sector.

NIBA CEO Phil Kewin told insuranceNEWS.com.au that a “multitude of challenges” will play out over the next 12 months – but this brings opportunity as well.

“We have the most sustained hard market that many people have seen, plus a spate of catastrophes and claims,” he said.

On top of this brokers are still adjusting to significant regulatory changes recently introduced, including design and distribution obligations, and readying themselves to implement a new code of practice.

There’s also the ongoing Quality of Advice Review, which Mr Kewin says leaves “a cloud over the future of remuneration structures”.

He says NIBA has never been so important throughout its 40-year history, and the theme of the upcoming summit is particularly relevant.

“A lot of what is happening in the regulatory environment is about trust, and we achieve that trust through professionalism and coming together as a community, for the community.

“This will be one of the most critical years. More than ever we need to provide a voice for brokers and a unified voice to government. It is about dealing with challenges and dealing with change.”

Registration details for the October 12 summit and dinner are available here.