Farm Insurance NZ
According to insuranceNEWS.com.au, the association contends that the recent uptick in breaches was expected as a result of numerous new obligations embedded within the revised 2022 code. According to NIBA, this demonstrates an industry adjusting to more rigorous expectations.
Yesterday, the Insurance Brokers Code Compliance Committee (IBCCC) released its annual data report, highlighting an increase in breaches. Specifically, 63.4% of insurance brokers reported breaches in the preceding year, up from 55.2% in 2022. The total number of breaches escalated by 36% to 4642, impacting 794,000 clients as opposed to 412,081 the prior year.
A particular area of concern flagged by the committee was remuneration disclosure, with 106 breaches reported compared to just 23 cases a year earlier.
"The data in our report should be seen as a wake-up call," said committee chair Oscar Shub. "Brokers must emphasize robust compliance and reporting procedures to enhance service quality and maintain client trust."
On the rising remuneration breaches, Mr. Shub added, "This significant increase signals that brokers must improve their practices."
NIBA has expressed encouragement over the growing trend of brokers reporting their breaches. The body noted a more than 26% increase in the number of subscribers self-reporting since 2020.
"Given the considerable number of new obligations introduced with the revised code, an increase in reported breaches was anticipated," NIBA explained. "The data from the IBCCC shows that the profession is actively considering and adapting to higher standards, aiming to better fulfill client needs."
While NIBA acknowledges ongoing needs for improvement, it plans to collaborate with subscribers and the IBCCC over the coming year to foster greater transparency and enhance compliance reporting habits.
Providing a contrastive perspective, Insurance Advisernet MD Shaun Standfield expressed disappointment in the IBCCC’s critical stance on compliance outcomes. He noted, “The committee should recognize our efforts in promoting breach awareness and reporting. It’s disheartening to receive mixed signals when we've almost tripled reportable breaches over three years."
Mr. Standfield cautioned that such criticism might dissuade brokers from reporting breaches faithfully. "We do not want our advisers to backtrack on reporting for fear of negative commentary from the IBCCC. Despite the surge in reported breaches, brokers work diligently to serve their clients every day," he concluded.
Published:Saturday, 28th Sep 2024
Source: Paige Estritori
| Leadership Transition at NTI: Janelle Greene Named New CEO 13 Feb 2026: Paige Estritori National Transport Insurance (NTI), Australia's premier transport and logistics insurance provider, has announced the appointment of Janelle Greene as its new Chief Executive Officer, effective July 1. Greene, who currently serves as NTI's Chief Customer Officer, will succeed Tony Clark, who has led the company for the past 18 years. - read more |
| Decade-Long Battle Ends in TPD Payout for Injured Truck Driver 13 Feb 2026: Paige Estritori In a significant ruling by the Australian Financial Complaints Authority (AFCA), a truck driver has been awarded a total and permanent disability (TPD) benefit, concluding a protracted dispute that spanned over a decade. - read more |
| NHVR's Revised Master Code: Broader Safety Guidelines for Heavy Vehicle Users 13 Feb 2026: Paige Estritori The National Heavy Vehicle Regulator (NHVR) has recently updated its Master Code of Practice, marking the first revision since its initial release in 2018. This comprehensive update extends its reach beyond traditional road transport businesses to encompass a wider array of industries that utilise heavy vehicles, including manufacturing, construction, mining, retail, and logistics. - read more |
| AFCA Upholds Policyholder's Income Protection Benefits Against Zurich 12 Feb 2026: Paige Estritori The Australian Financial Complaints Authority (AFCA) has recently ruled against Zurich Insurance, instructing the insurer to maintain the current income protection benefits for a policyholder after an 11-year delay in proposing a reduction. This decision underscores the critical importance of timely and transparent communication between insurers and their clients. - read more |
| Neos Recognized as Leading Income Protection Insurer in 2025 12 Feb 2026: Paige Estritori In the 2025 Life Insurance Awards presented by Money Magazine, Neos has been honored as the top provider in the Income Protection Insurance category. This accolade reflects Neos's commitment to delivering comprehensive and reliable income protection solutions to Australians. - read more |
| Northern Australian Marinas Struggle with Rising Insurance Costs 12 Feb 2026: Paige Estritori Marina operators in Northern Australia are confronting a significant crisis as insurance premiums escalate dramatically, with some experiencing increases exceeding 300% over recent years. This surge in costs is placing immense financial strain on the industry, prompting urgent calls for government intervention. - read more |
| Natural Disaster Preparedness: Insurance Tips for Farmers Facing Adversity In the heart of New Zealand's pastoral verdure, the significance of preparedness for natural disasters is paramount for the farming industry. The distinct landscape, while providing an idyllic backdrop for agricultural pursuits, is not without its challenges. Farmers are often at the mercy of nature's unpredictability, making disaster preparedness not just prudent but essential for the continuity of their livelihood. - read more
|
| Protecting Your Farming Future: Why Machinery Breakdown Coverage is Essential Farming is a vital part of New Zealand's economy and cultural heritage, representing a way of life for thousands across the country. With its unique landscapes and diverse climate, New Zealand farmers are renowned for producing a wide array of high-quality products that serve not only the nation's needs but also supply a multitude of international markets. - read more
|
| Customizing Your Farm Insurance: Tailoring Policies to Fit Unique Agricultural Needs Those who work the land know that every farm has its own heartbeat - its unique rhythm defined by the crops it yields, the livestock it nurtures, and the natural environment it exists within. Recognizing this individuality is crucial, especially when it comes to safeguarding your agricultural investment with the right insurance policy. - read more
|
| Securing Your Farm's Future: Top Estate Planning Tips for New Zealand Farmers New Zealand's farming community forms the backbone of its thriving agricultural sector, yet many overlook the critical importance of proactive estate planning. With farmland often being held within families for generations, securing its future is not just a financial concern, but a deeply personal one as well. - read more
|
| Preparing for the Unexpected: A Farmer's Guide to Comprehensive Weather-Related Insurance Farmers are no strangers to the whims of nature. The weather, with its unpredictable temperament, can have a profound impact on farming operations. A single storm can lay waste to crops, while a prolonged drought can jeopardize the health of livestock and lead to severe economic strain. Understandably, the uncertainty that weather brings is one of the largest variables in a farmer's success equation. - read more
|
| What does Farm Insurance Cover? Farming can be a risky enough business without unanticipated external pressures, but there are also many potential external hazards that can lead to financial loss, including fire, flood, theft, and damage to crops, livestock, and farm equipment. That is why it is important to have farm insurance to protect your livelihood. Read on for more about what farm insurance covers and how it can help protect you from financial ruin. - read more
|
|
|
Customizing Your Farm Insurance: Tailoring Policies to Fit Unique Agricultural Needs Those who work the land know that every farm has its own heartbeat - its unique rhythm defined by the crops it yields, the livestock it nurtures, and the natural environment it exists within. Recognizing this individuality is crucial, especially when it comes to safeguarding your agricultural investment with the right insurance policy. - read more
|
|
|
Natural Disaster Preparedness: Insurance Tips for Farmers Facing Adversity In the heart of New Zealand's pastoral verdure, the significance of preparedness for natural disasters is paramount for the farming industry. The distinct landscape, while providing an idyllic backdrop for agricultural pursuits, is not without its challenges. Farmers are often at the mercy of nature's unpredictability, making disaster preparedness not just prudent but essential for the continuity of their livelihood. - read more
|
|
|
Protecting Your Farming Future: Why Machinery Breakdown Coverage is Essential Farming is a vital part of New Zealand's economy and cultural heritage, representing a way of life for thousands across the country. With its unique landscapes and diverse climate, New Zealand farmers are renowned for producing a wide array of high-quality products that serve not only the nation's needs but also supply a multitude of international markets. - read more
|