Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Changing Role For Brokers Ahead


10th October 2003


Newly elected president of the Corporation of Insurance Brokers of New Zealand, Frank Thompson, says the huge increases in insurance premiums experienced in the business sector, calls for smarter management of risks that were previously insured.

Mr Thompson says that while purchasing insurance will remain an important part of broking, the role of brokers is changing to providing clients with a wide range of advice on how to manage risk within their businesses.

“For commercial clients, good discipline in risk management will have a beneficial effect on their insurance costs while for larger clients, advice on alternative risk transfer mechanisms may be appropriate. For businesses with high-risk exposures, internal practices may be the difference between obtaining affordable insurance and being uninsured”, he says.

The Corporation of Insurance Brokers of New Zealand (CIBNZ) is the industry association representing the major general insurance broking and risk management firms in New Zealand. Member firms manage the placement of over 70% of insurance premium in New Zealand, handling in excess of $1.2 billion of premiums per annum and employing over 1,200 people.

Frank Thompson, Governing Director of broking firm FDB Thompson Ltd, brings 43 years of experience in both underwriting and broking to his new role. He now runs his own brokerage specialising in commercial insurance and risk advice and was previously the general manager of NZI. He has served on the executives of both the Insurance Council of New Zealand and Corporation of Insurance Brokers of New Zealand.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news