Productivity Commission in a panel forum to discuss the future of natural disaster funding.

The Productivity Commission will meet insurance industry leaders in a panel forum to discuss the future of natural disaster funding in Australia, the Australian and New Zealand Institute of Insurance and Finance (the Institute) has announced. The panel will follow the Commission’s preliminary report, which will be released this month.

Karen Chester, the Commissioner responsible for the public inquiry into Natural Disaster Funding, will participate in the event with representatives from insurers and the Insurance Council of Australia.

“A significant part of Australian insurance could be affected by recommendations coming from the Productivity Commission report. This is the industry’s opportunity to understand how natural disaster funding might change and, very importantly, to have its views on this very important subject heard by those who are advising the Federal Government,” said Prue Willsford, CEO of the Institute.

In 2014, the Australian Government asked the Productivity Commission to undertake a public inquiry into current national natural disaster funding arrangements, taking into account the role of and future of insurance, natural disaster mitigation and the reduction in the impact of disasters on communities.

The panel will include:

• Karen Chester – Commissioner, Productivity Commission
• Nicholas Scofield – General Manager, Corporate Affairs, Allianz Australia
• Karl Sullivan – Insurance Council of Australia
• Lisa Harrison – Executive General Manager, Customer Product and Pricing, Suncorp
• Stephen Brunker – MC / Host – Treaty Account Executive at Gen Re

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Prue Willsford

The Australian and New Zealand Institute of Insurance and Finance (the Institute) and ICNZ are pleased to announce the opening of submissions for the 2014 ICNZ & ANZIIF Scholarship.

The Scholarship, which involves the submission of a 2,500 word essay on a prescribed topic, aims to recognise a New Zealand insurance professional with outstanding business and leadership skills. It offers a prize of NZD$10,000 to attend an international industry or leadership conference or seminar program.

“We are thrilled to offer this once in a lifetime opportunity to a member of the New Zealand insurance community. This Scholarship will not only enhance the winner’s understanding of the industry in a global context but will help them to develop their leadership skills and allow them to represent New Zealand among their international counterparts,” said Tim Grafton, ICNZ Chief Executive.

Prue Willsford, CEO of the Institute, emphasised the role of the Scholarship in supporting up and coming industry professionals.

“Insurance is global business where engagement with developments internationally and excellent leadership skills are indispensable. The ICNZ Scholarship aims to ensure that we foster the next generation of insurance leaders and give them the support they need to develop their skills, knowledge and passion for the industry,” she said.

Applications for the ICNZ & ANZIIF Scholarship close at 5.00pm Auckland time on Friday 7 November 2014. For more information visit the ANZIIF website.

To be eligible, applicants must be:

• a direct employee of a member of the ICNZ
• citizens or permanent residents of New Zealand
• under the age of 35 years.

The winner will be announced at the 2015 Celebrating Success Awards Dinner in New Zealand.

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Noelene Palmer

The Australian and New Zealand Institute of Insurance and Finance and Finity Consulting are pleased to announce Noelene Palmer of Swiss Reinsurance Company Ltd as the winner of the Peter Corrigan International Scholarship for 2014.

Ms Palmer was awarded the scholarship for her essay “How does the entry of Coles and Woolworths into personal insurance impact the market? Are there any implications for commercial insurance?”

“Noelene demonstrated a comprehensive knowledge of the Australian insurance market and the impact Coles and Woolworths are making on personal insurance lines. Her research validates the qualities that the Peter Corrigan International Scholarship celebrates – deep industry insights and leadership. This award continues to acknowledge Peter’s exceptional contribution to the industry and provides an inspirational opportunity for Noelene to strengthen international networks and engage in a unique learning opportunity,” said Estelle Pearson, Principal and Managing Director of Finity Consulting.

Prue Willsford, CEO of the Institute and judging panel member, also congratulated Ms Palmer on her award. “Noelene’s essay showed insight and engagement with macro and micro issues in personal insurance and intelligent consideration of where the industry is heading. It is this level of thinking that will allow our industry to continue to go from strength to strength,” she said Ms Palmer, who received her scholarship at the Australian Insurance Industry Awards on 20 August, said she felt honoured to be the Peter Corrigan Scholarship winner for 2014.

“While I didn’t know Peter Corrigan, by all accounts he was a wonderful man and leader, and it is an honour to have won this scholarship in his name. I am excited by the opportunity this provides to undertake some international study, which I hope will enhance my contribution as a leader in the insurance industry.”

Scholarship applicants were required to submit a 2,500 word essay on one of five topics. The bi-annual scholarship offers winners $10,000 to attend an international insurance seminar or conference.

The Peter Corrigan International Scholarship recognises and supports international insurance professionals in the professional environment. The Scholarship honours the significant contribution Peter Corrigan (1955–2002) made to the insurance industry and is supported by Finity Consulting
and the Australian and New Zealand Institute of Insurance and Finance.

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Prue Willsford

The Australian and New Zealand Institute of Insurance and Finance (the Institute) has received unprecedented interest in a tailored update for insurance professionals following the launch of the new General Insurance Code of Practice.

The new Code, launched by the Insurance Council of Australia last week, is an attempt by the industry to self-regulate to avoid government-enforced regulation. In order to support insurers to implement the Code, the Institute is offering insurance professionals a tailored course on the update.

“The very significant interest in and take up of the Institute’s update of the Code of Practice shows us that the industry not only wants to self-regulate, which is understandable in such a red-tape-heavy industry, but that it recognises the degree of responsibility every insurance professional has in dealing with customers. With the Institute’s role in setting and monitoring professional standards, we are thrilled that the industry is supportive of a Code that is so customer-focused,” said Prue Willsford, CEO of the Institute.

The new Code’s key features include:

• Stronger and more detailed obligations on Code signatories to provide assistance to consumers in financial difficulty
• Clear guidance and timeframes on insurance claims and complaints processes for consumers.
• Specifically written in plain, easy-to-read English

The Institute says insurers have expressed an eagerness to have staff achieve compliance as quickly as possible despite a one-year transition period to the new Code.

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Jenna Cooke, an actuary at Suncorp Commercial Insurance, was awarded the prize for her essay on the topic, “Will the Google car end automobile insurance as we know it?”

As part of her prize, Ms Cooke will attend the 49th annual Aon Benfield Global Clients Reinsurance Seminar in London in June, where she will gain an understanding of the principles and practices of arranging reinsurance on a global scale.

“I’m very excited and thankful to Aon Benfield for providing me with this wonderful opportunity. The chance to not only deepen my knowledge of reinsurance but also to connect with other insurance professionals from around the world is an invaluable experience. I’d also like to thank my managers and colleagues throughout Suncorp for encouraging my participation in this competition and being so supportive of my efforts,” said Ms Cooke.

Aon Benfield has funded the Scholarship for ten years. It was established to recognise an outstanding insurance professional in the Australian and New Zealand insurance markets and emphasise the importance of continuing professional development in all aspects of insurance.

Robert De Souza, President APAC/CEO Australia and New Zealand, Aon Benfield said, “This year’s competition attracted a large number of submissions of an extremely high standard. Congratulations to Ms Cooke on an outstanding accomplishment with an essay that included an emphasis on the need for continuous industry innovation. I am sure that her experience at the 49^th Annual Aon Benfield Global Clients Reinsurance Seminar in London in June will provide her with invaluable reinsurance knowledge.”

Speaking on behalf of the Institute, CEO Prue Willsford said, “Jenna’s essay showed innovation and breadth of vision regarding the complexity of change and the ongoing evolution of the insurance industry. Her personal commitments to further education and leadership within the industry are also impressive and demonstrated that she is a great example of the future leaders of our industry.”

The Scholarship was determined by a judging panel of industry figures, including:

• Robert De Souza – President APAC / CEO Australia & New Zealand, Aon Benfield
• Prue Willsford – CEO, ANZIIF
• Jacki Johnson – CEO, IAG New Zealand Limited
• Rob van den Honert – Co-Deputy Director, Risk Frontiers, Macquarie University NSW
• Tony Smith – Executive Manager Group Reinsurance, Suncorp
• Stefan Golling – General Manager Non-Life, Munich Reinsurance Group

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