September 2021 News

AILA National President, Cameron Roberts

Conference rescheduled

With a heavy heart, AILA has decided to postpone the National Conference, An eye to the future with 2020 hindsight, until 2022.

With lockdown continuing in the host city, Sydney, for the foreseeable future, the National Board and Conference Organising Committee decided the better option was to postpone the event. It will be rescheduled to a new date in August, September or October 2022.

I trust that, by then, Covid-19 vaccination rates will be sufficiently high for us to live without restrictions and that state and international borders will be open again.

No increase to 2021-22 membership fees

The AILA National Board has decided not to increase membership fees for 2021-22.

This decision is consistent with the Board’s drive to deliver value to the insurance industry and consolidates last year’s decision to introduce an industry membership rate of just $50. 

The industry rate has been very popular and is one reason AILA has achieved a record membership, notwithstanding the pandemic. 

Reciprocal membership

Technology has made the world a smaller place, and that is true now more than ever.

Many Australian-based insurance industry figures have responsibilities that extend well beyond our borders into Australasia and beyond.

AILA is the Australian arm of AIDA, so international relationships are in AILA’s DNA.

Last year, I was excited to announce the introduction of reciprocal membership benefits between AILA and the New Zealand Insurance Law Association (NZILA), which enabled AILA members to access NZILA webinars and events at member rates (and vice versa).  

I am pleased the AILA and NZILA National Boards have voted to continue those reciprocal membership benefits this financial year.

I am also delighted that AILA and the Insurance Law Association of Singapore (ILAS) have now agreed to introduce reciprocal membership benefits between AILA and ILAS.

AILA members now can access ILAS webinars and events at member rates (and vice versa).

Deferred sales model for add-on insurance

In line with recommendations from the financial services royal commission, the Federal Government has introduced a deferred sales model for add-on insurance to protect consumers.

The Insurance Council of Australia (ICA) has welcomed the government’s announcement, which introduces a four-day pause between the sale of a primary product and the sale of an add-on insurance product.

ICA worked with the government to address concerns the deferred sales model may have led to an increased risk of non-insurance and under-insurance for essential insurance products, such as motor, home and contents.

This is another welcomed initiative that helps restore confidence in an industry that took a battering at the royal commission hearings.

Resilience grows

A new report from Beazley on risk and resilience has found half the companies surveyed feel more resilient than they did a year ago, and 84% are confident they will be more resilient in a year’s time.

The report is the first in a series that aims to provide a benchmark for business resilience to and appetite for risk. The report also assesses the extent to which insurance is providing the safety net and support organisations need.

Beazley surveyed 1,000 senior executives in the US and the UK across 10 industry sectors and gained additional insight from in-depth interviews with a panel of risk and insurance industry experts.

With Covid-19 the catalyst for major operational and strategic change, the report examines how the health crisis has impacted on leaders’ sense of resilience and ability to manage risk.

It’s an interesting read and provides insights into how our world is evolving as the pandemic continues.