Our Associations

Our associations with industry networks enable us to keep abreast of global insurance trends, news and practices which ensure that our level of service, systems and knowledge are of a global standard.

Worldwide Broker Network (WBN)

Since November 2001, Honan Insurance Group has been a member of the Worldwide Broker Network.  With partner firms represented in over 100 countries throughout Europe, North, South and Central America, Africa and the Asia Pacific region, the WBN is the largest fully integrated network of independent property & casualtybrokers  and employee benefits consultants in the world.

Partnering with the WBN gives us the ability to handle localised insurance and employee benefits programmes for globally managed insurance programmes, ensuring that our clients receive comprehensive service from a single source.

In an increasingly global business environment, our association with the WBN also allows us to provide an internationally integrated service for Australian-based companies with overseas interest, as well as international companies doing business in Australia.

Watch Why WBN in 100 Seconds

International Benefits Network (IBN)

Since May 2010 Honan Insurance Group has been a member of the International Benefits Network  (IBN). The IBN is a network of independent employee benefits consultants in over 70 countries, providing members and their clients with global employee benefits expertise and promoting global standards in employee benefit consulting.

By extension of the International Benefits Network, you have a consultant who:

  • Provides expert local advice
  • Understands you, your organisation and its policies
  • Has speedy access to specialist advice on current conditions internationally
  • Can analyse your problem efficiently and develop recommendations
  • Can implement an agreed solution utilising other members of the IBN to undertake the work, or put you in touch with other respected professionals such as accountants or lawyers in the appropriate countries

Steadfast

Since March 2003 Honan Insurance Group has been a member of Steadfast which is a group of more than 280 government regulated insurance brokerages operating from over 400 offices Australia wide.

Annually, Steadfast Brokers generate $4.1 billion in sales, providing Steadfast with enormous buying power when negotiating with insurers. This allows Steadfast to develop custom policies with major insurers and back end tools and services for the exclusive use and enhanced professionalism of Steadfast Brokers.

Steadfast ensures we have a competitive edge in a dynamic market place and enables us to offer our customers access to multiple insurance companies, a broad range of products, competitive pricing, valuable advice and quality services.

Remunerator

At Honan Insurance Group, we believe in providing a fully integrated financial service. Therefore, we provide financial planning advice for both companies and employees, through our associated company, Remunerator Financial Services.

Remunerator can also provide salary packaging, with a sophisticated electronic funds transfer based administration system, which streamlines your processes while maximising employee benefits.

Our independent financial consultants are also available to both you and your employees. They can provide detailed taxation and investment advice, so your business remains secure in the present, as well as prepared for the future.

Council of Insurance Agents and Brokers (CIAB)

Since 2007 Honan Insurance Group has been a member of the Council of Insurance Agents and Brokers (CIAB).

CIAB is the voice of the market leaders and the premier association for commercial insurance and employee benefits intermediaries in the United States and abroad. From its headquarters in Washington D.C. the CIAB represents leading commercial insurance agencies and brokerage firms and only the top one percent of all agents and brokers qualify.

The CIAB's members operate in more than 3,000 locations, place 80%, well over $90 billion, of all U.S. insurance products and services protecting business, industry, government and the public at-large, and they administer billions of dollars in employee benefits.

Since 1913, CIAB has worked in the best interests of its members, securing innovative solutions and creating new market opportunities at home and abroad.

National Insurance Brokers Association (NIBA)

Since 1988 Honan Insurance Group has been a member of the National Insurance Brokers Association (NIBA), an organisation which represents the interests of the insurance broking sector in Australia.

NIBA members range from large international brokerages to small suburban brokerages and through representation, communication, information and education, NIBA ensures the insurance brokers’ interests are protected and their professional standing enhanced.

The insurance and risk business is highly regulated, and intermediaries are subject to a wide range of professional and legislative pressures. To thrive in such a demanding environment they must be able to keep pace with constant changes in the risk factors Australian businesses face.

NIBA supports its members through its lobbying, education, technical and information services and our members are recognised as having a high standard of professionalism and knowledge through ongoing educational support and technical development.

Regional Network Alliance (RNA)

Regional Network Alliance (RNA)

The RNA is a synergistic network founded on 20 October 2004 to initiate a dynamic spring board for regional business networking in Singapore and the insurance brokers in the region.

Our partnership with the RNA allows us to:

  • Exchange timely business ideas and expertise
  • Develop relevant products
  • Manage operational insights in different countries
  • Assist clients  in managing the country and market risks
  • Provide  strategic advantage to clients making inroads into the Chinese market
  • Enlargement of our geographical footprint to benefit our clients

Australian and New Zealand Institute of Insurance and Finance (ANZIIF)

Honan Insurance Group is an advocate of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF). The institute is a leading provider of education, training and professional development services to the insurance and financial services industry in Australia, New Zealand and the Asia Pacific region. ANZIIF is one of the oldest and most respected professional associations in the region, and continues its commitment to lifelong learning.

Honan’s Chief Operating Officer (COO), Amanda Honan, is a member of the ANZIIF Women’s Council. This council promotes sharing of knowledge between women across insurance and finance industries in the pursuit of professional excellence.

Andrew Fluitsma features on Sky News to present on the importance of brokers.

Andrew Fluitsma features on Sky News to present on the importance of brokers. As a Strata Manager it can be hard to keep up to date with every policy change.  Our role as your broker is to help navigate these changes. Earlier this week, our Managing Director Andrew Fluitsma featured on Sky News – Smart Investing and spoke on the value of a broker, especially for Strata. “With the Grenfell Tower and the Lacrosse building in Melbourne, it’s important to detail the way the risk is represented; the exclusions, the understanding of the market cycle, pricing, access to insurance companies, management of claims [and] legally qualified assistance–a lot of this is intermediated through a broker. It is important they select the right broker and see the value of the broker.” Andrew also discusses the importance of having Landlords Insurance and how it's distinguished from Home & Contents cover. Click below to view the segments.

Our new brand and updates to the Honan Senior Executive Team

Last week, we launched our refreshed brand. Our new logo brings to life the importance we place on relationships, on delivering bespoke solutions, on constantly challenging and being courageous both for our clients, and ourselves. Whilst we look different–your service or relationship with us won’t change. Honan has also made some changes at the senior executive level. Andrew Fluitsma has been appointed Chief Executive Officer of Australia and New Zealand and Brad Tymmons as Chief Executive Officer of Asia. Damien Honan's role has moved to Group Chief Executive Officer. Both Andrew and Brad have been instrumental in our growth journey and we are excited about the potential they bring to the business. Click to read more in the Insurance News article.

Farewell to FOS. Welcome, AFCA!

What you need to know:
  • From 1 November 2018, you will need to contact Australian Financial Complaints Authority (AFCA) to resolve any disputes about financial products and services provided by financial firms
  • Prior to lodging your complaint with AFCA/Financial Ombudsman Service (FOS), please contact us immediately as we will attempt to resolve your complaint as soon as possible
Preparations are currently underway for the FOS to transition into AFCA. AFCA will begin accepting financial services complaints from 1 November 2018. More details on AFCA can be accessed on their website. “Consumers and small businesses across Australia will benefit from the establishment of AFCA”, said Kelly O’Dwyer, Minister for Revenue and Financial Services. “For the first time ever, consumers will be able to go to one place to resolve any kind of financial complaint, and the new AFCA scheme will operate under significantly higher monetary limits and compensation caps to boot”. What should I do if I have a complaint? Contact us with details about your complaint and we will do our best to resolve it quickly. If your complaint is not satisfactorily resolved, we will refer the matter to our Complaints Manager to investigate as a matter of priority. Alternatively, you can put your complaint in writing and mail it to our Melbourne or Sydney postal addresses noted below.
Melbourne PO Box 4747 Melbourne VIC 3001 Sydney PO Box R1782Royal Exchange NSW 2002
  If your complaint cannot be further resolved to your satisfaction, you have the right to refer the matter to:
  • If lodged before 1 November 2018 Financial Ombudsman Service Australia Online: www.fos.org.au Email: info@fos.org.au Phone: 1800 367 287 Mail: Financial Ombudsman Service Limited, GPO Box 3, Melbourne VIC 3001, or
  • If lodged on or after 1 November 2018 Australian Financial Complaints Authority Online: www.afca.org.au Email: info@afca.org.au Phone: 1800 931 678 Mail: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
Need help? If you would like more information about AFCA and these changes, please feel free to contact us on 03 9947 4333.

Growth of our Sydney Strata division

At Honan, we’re passionate about creating a genuine difference for our clients, so we’re proud to welcome three new talented members to our Sydney Strata team. Clem Lwin is one of the most respected brokers in Strata in Sydney and joins us with an overwhelming reputation for customer service and relationship management. Clem's experience in insurance spans across almost two decades. Clem steps into the National Client Manager role. Paul Monsalve joins us as Client Executive and will be responsible for managing a number of client relationships within the portfolio. Paul’s existing client feedback across his ten years experience is a testament to his work ethic, commitment and dedication in placing clients first. Nicole Fairlamb joins the team as Service Executive, with 5 years of prior Strata broking experience. Nicole brings with her a wealth of experience in supporting clients and providing technical support to brokers through day-to-day operations. Nicole is known for her customer service and delivery and will be an excellent asset to our Sydney team. Finally, we welcome back Shelley Thompson, who has returned from maternity leave! We look forward to supporting the momentum behind the team as we continue to see our Strata team grow from strength to strength.

Honan hosts the inaugural WBN Asia-Pacific Regional Conference in Singapore

SINGAPORE Honan were honoured to have hosted the launch of the WBN Asia-Pacific Regional Conference in Singapore on Sunday 10 February 2019. This year marks the inaugural launch of the annual conference, aimed to bring global partners of the network together to strategise on synergies of service. This year’s theme was Navigating the Network, where the delegates explored trends, turning points and topics across the insurance and broker markets within the region. On behalf of WBN, we’d like to thank our sponsors.
  • AIG
  • Zurich
  • Lloyd’s of London (Asia)
  • Beazley Group
  • Aviva
  • AXA
  • CHUBB
  • Liberty International Underwriters
We look forward to the next conference! Photo from left to right: Tony McHarg from AIG, Francie Starnes from WBN and Damien Honan.

Tougher penalties for Privacy Act breaches

Are you protected? It has now been over a year since the amendments to the Privacy Act were introduced, requiring companies to voluntarily notify any breaches to the Office of the Australian Information Commissioner (OAIC). In a swift follow-up from this at the end of March, Attorney-General, The Hon Christian Porter MP, announced the government’s intention to introduce even tougher penalties, as follows:
  • Penalties increased from $2.1m to $10m for serious or repeated breaches.
  • Providing the OAIC with the infringement notice powers, up to $63,000 for body corporates and $12,600 for individuals who fail to cooperate.
  • Introduce requirements for breaches to be addressed by third party audits, to ensure those directly affected are advised.
  • Require social media and online platforms to stop using or disclosing an individual’s personal information upon request.
  • Introductions of specific rules to protect the personal information of children and other vulnerable groups.
The Privacy Act amendments have forced Company Directors to become more digitally literate and cyber aware, however with the ever-changing nature of cyber risks, it is becoming increasingly difficult for Directors to keep up. Protection With these changes it is now more important than ever that every company manage their cyber risk through a robust insurance program, designed to protect not only your company’s balance sheet from significant first and third-party losses and fines, but also from the reputational damage that can be caused. To manage your company’s Cyber Risk, contact Dan McCallum at dan.mccallum@honan.com.au or +61 499 799 131.
Sources: https://www.attorneygeneral.gov.au/Media/Pages/Tougher-penalties-to-keep-australians-safe-online-19.aspx
Honan Insurance Group Pty Ltd (Honan) holds an Australian Financial Services License 246749. Honan is not an insurance company, rather an insurance broker acting on behalf of our client. Where we act under a binder (as the insurer’s agent) we will notify you. This article contains general information only and is not advice. Before considering an insurance product you must read the Honan Financial Services Guide and relevant Product Disclosure Statement.   

Changes in legislation needed to fix the NSW construction industry

SYDNEY, AUSTRALIA.
Déjà vu? Once again, another Sydney apartment block has been evacuated due to observed structural cracking in the building’s underground car park. Mascot Towers, a 131-unit complex at No. 1 Bourke St Mascot was evacuated last Friday evening (14 June) with residents given short notice to vacate their apartments. On Tuesday, there was still no advice on when residents would be able to return to their homes permanently. This follows on from the dramatic Christmas Eve (2018) evacuation of Sydney Olympic Park’s Opal Tower. The cause of the cracking in Mascot Towers is yet to be determined, and alleged possible causes may include neighbouring construction work or the original design and construction 10-years ago. Mascot Towers was constructed over 10-years ago, meaning that any building defects will not be covered by building warranty insurance (referred to as Home Builders Compensation in NSW), leaving the unit owners to pay for the repairs. If the neighbouring construction project is to blame, then a lengthy legal battle may occur regarding various other insurance covers. Currently, NSW law states that future owners of a property are covered for the statutory warranty period–six years for major defects in the work and two years for other losses from the date of completion of work. With many building defects appearing after the six-year statutory warranty period, there is a need for major changes to be made to NSW laws to protect property owners buying off a plan or buying buildings younger than 10-years old that were poorly built. The strata industry and Strata Community Association (SCA) will continue to advocate for change and encourage the government to further regulated the relaxed approach to building completion sign off and hold the construction industry to account for faulty work. In February of last year, the NSW Government[1] told the COAG meeting that it would introduce new legislation to improve consumer protection if they won the next election, these included: –    Builders needing to sign off that building was constructed in accord with certified plans –    Allowing Owners Corporations to litigate for negligence if building code was not carried out This new legislation is still to be introduced, and many people in strata see this legislation as not being tough enough on the construction industry who are accountable for this issue. With research finding that 72-85% [2] of owner’s corporations identifying major defects in their buildings, it is important that strata managers and the SCA continue to do what they can to influence the federal and state governments into reforming legislation as soon as possible. [1] https://aib.org.au/wp-content/uploads/2019/02/NSW-Government-Media-Release-2.pdf [2] https://cityfutures.be.unsw.edu.au/research/projects/defects-strata/

We welcome Eliza White as Director of Operations - Asia

We welcome Eliza White as Director of Operations - Asia to the Honan team. Eliza will be based in regional head office in Singapore. Eliza joins us from Starr International, bringing with her a strong broker background and experience in risk insurance, underwriting (specialising in the energy and risk sectors), management, analytics, and global insurance. Eliza's appointment marks another important step in our strategic aspirations in Asia-Pacific and will help drive our continued growth and momentum.

Rebranded specialty division reflects Honan’s strength in managing professional and executive risks, especially in a challenging market.

PRESS RELEASE Honan Insurance Group’s (Honan) Head of Financial & Professional Risks Henry Clark has announced the specialist department has been rebranded to Professional & Executive Risks to better reflect the group’s strength in expertise, market clout and it’s pro-active approach in supporting clients with market related issues and challenges such as Directors and Officers (D&O) insurance. Commenting further on the announcement Henry Clark said the days of just rolling over the D&O insurance renewal is no longer an option as the sector continues to navigate a very challenging and dynamic market. Insurers applied heavy price increases across-the-board in 2018. This continued into 2019 as the number of claims and reported circumstances exceeded the total insurance premium pool by a significant margin. “D&O is an exceptionally complicated insurance market with carriers responding assertively to claims pressure and continuing growth in securities class actions, litigation and the prospects of further action arising in 2019 and beyond”, said Henry Clark. Once regarded as mainly being applicable to large listed entities, litigation costs arising from D&O exposures are now so great that D&O insurance has become a necessity for many businesses–regardless of size. “The primary driver for the current hardening D&O market is the growth in securities class actions led by opportunistic law firms backed by litigation funders and predictions that further claims pressure will arise from the Hayne Royal Commission, privacy regulation, workplace health and safety and now the Royal Commission into Aged Care Quality and Safety”, continued Henry Clark. “As a result, upward pressure on D&O premiums will continue into 2019 and beyond as insurers leave the market resulting in the current pool becoming inadequate to cover increasing and expensive claims”. This is going to be reality for the foreseeable future affirmed Henry Clark. Although a challenging environment, there is still flexibility in the market, but only if the right messages are communicated – and strategies are needed to demonstrate to insurers that the D&O risk is being properly considered and mitigated. “Honan’s Professional & Executive Risks team works proactively with clients by actively engaging in relevant education and alerting them to the changing insurance environment well in advance of cover renewal. The team then guide them to establish the most appropriate strategy to reduce the impact on premium and coverage.” This includes:
  • Providing Directors, the knowledge and tools to personally engage with senior management to set and manage D&O forecasts and expectations.
  • Working with insureds to be proactive and commence the renewal process early, allowing time to address any surprises or consider strategies which may mitigate premium increases.
  • Examining insurer selection, transparency, relationship management and adequately conveying the client’s individual risk profile in underwriter presentations to help mitigate the prevailing market issues and assist the company to stand apart during this market correction.
The Honan Professional and Executive Risks team specialises in insurance for financial institutions, professional service firms and corporate organisations. The team of experts has decades of experience offering specific industry insight and placement experience for traditional and emerging risks. Issued by Honan Insurance Group    www.honan.com.au Media Enquiries:                  Mr. Joe Perri Joe Perri & Associates Pty Ltd