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Assurex Global is the pre-eminent independent global broking network. In March of this year, GSA successfully became the exclusive Assurex partner firm for Australia & New Zealand. The partnership was formed after a rigorous proposal process, with competition from seven other large broking firms and a detailed presentation to the Assurex Global president in Hong Kong, as well as all APAC member firms in Singapore.
While it is relatively unknown outside of the insurance industry, Assurex Global is the world’s largest privately-held, independent broking group, placing in excess of $28 billion in annual premium volume into the global insurance markets. Through Assurex Global, GSA has access to 105 partner firms with 605 offices around the world. This provides GSA with local representation in almost every country, making it easier for GSA to place locally-compliant, cost-effective insurance solutions all around the globe.
Most importantly for you, our clients, we have a partner firm in every country (and every state of America) where you currently do business, or where you may plan to do business in the future. In the short 6 months since our appointment, we have worked with partner firms in Italy, USA, UK, Netherlands, Germany and Canada.
The appointment to Assurex does not change the independent, 100% Australian-owned structure of GSA. It simply expands our resources, allowing GSA to offer its clients the best possible options when placing global insurance programs.
GSA are proud to have been appointed to Assurex Global and we look forward to discussing how Assurex can assist your business growth.
Here at GSA, it’s been very noticeable that the consistent growth of our company has brought with it a larger client base and greater claim numbers. This growth, along with the usual high quality of service our clients expect from us, means new and exciting challenges for our Claims Team.
Recently, two major storm events in NSW within a week of each other resulted in the industry being inundated with claims. Current figures suggest that the cost to the industry from these two events alone exceeded $1.1 billion. Further storm events in QLD, including a cyclone and major hail storm, added a further $2 billion in claim costs.
Below we analyse the insurance landscape affecting contact sports in Australia.
In the tough world of professional contact sports nothing is more valuable than the athletes, who put their bodies on the line week-in, week-out, to compete at the highest level.
Inevitably, these heavy contact sports result in injury. Unfortunately, such injuries can sometimes bring about an untimely end to promising and lucrative sporting careers.
Recent attention came to focus on one of Australia’s most watched contact sports, following a tragic injury that ended the career of just such an athlete.
Thanks to its close association with the governing body, GSA recognised that there was an urgent need for a Career-Ending Policy to offer financial protection to athletes and their clubs.
We then developed a Career Ending Insurance Program tailored to the specific needs of the sport. Soon after this policy was instantiated two athletes tragically sustained career-ending injuries. The new policy was immediately put to the test and claims were submitted for both players.
Thanks to the generous coverage built into the policy’s design and the efficient management of the Claims, each player was able to receive significant settlements with virtually no anxiety or lengthy wait.
GSA were proud to have been involved with the development of this much needed Policy, working alongside the leading National Sporting Group. It was immensely satisfying to see the Policy provide effective financial security to the athletes.
At GSA we pride ourselves on our proactive claims service. Our clients often say to us after making a claim that they didn’t realise how “easy” the insurance claim process could be until they worked with GSA as their broker. Most expect it to be a long and arduous process. We understand the importance of managing and resolving claims in an equitable and efficient manner for our clients and that is why GSA employs a specialist claims team dedicated to this task. They will work with loss adjusters, lawyers, and third parties such as forensic accountants, to ensure that claims are treated fairly. This dedicated approach ensures that all settlements are made in a timely manner and with the fullest degree of compassion.
We combine our technical ability, negotiation skills, our reputation and an intimate understanding of your claim to ensure that potentially complex issues are appropriately addressed. GSA acknowledges that there is nothing more important in business than your reputation. We do everything in our power to protect and enhance our reputation and will do the same for your clients.
Workers compensation insurance is compulsory in all Australian states and territories, and it stands out as one of the most expensive insurance costs for employers.
As the cost of running a business in Australia continues to rise, the governing bodies of each state and territory are changing their schemes to ensure businesses can manage their workers compensation costs, remain competitive within their market and support employees back into the workplace.
New South Wales and South Australia, two states with particularly expensive workers compensation premiums, are implementing considerable changes, effective from 2015/16. New premium models have been implemented with the aim of providing discounts to those employers who have no claims and who proactively manage the return to work process of their injured staff. Those employers who don't participate in the process are financially penalised. One of the benefits of these two new models are up-front discounts to employers to incentivise improved workplace health and safety, and to reduce the number and severity of injuries. While the changes were met with a positive reception in South Australia, in New South Wales the new premium model has not been so well received. Many employers are projecting significantly higher costs than under the old model.
Other states are continuing to focus on the proactive management of return to work of injured workers, but are also reducing the complexity of their schemes by updating legislation, offering premium payment through convenient online facilities and tightening benefits for workers.
In every state, the employer’s ability to control the cost of their workers compensation policies is significantly affected by their Workplace Health and Safety Management System, as well as their policies and procedures for the correct performance management of staff.
GSA can make a significant difference to an employer’s premium by identifying risks within the workplace, ensuring that any workers compensation claims are proactively managed by the insurer, and that the employer is provided with support and education throughout the whole process.
GSA boasts a team of six staff who are WorkCover Accredited Return To Work (RTW) Co-ordinators and have experience in workers compensation underwriting, case management and return to work disciplines.
We can conduct an independent assessment of your clients’ workers compensation premiums to ensure that all policies are correctly placed and at the correct (lowest) premium rating classifications. The audit will include a review of premium calculations, business classifications applied to each policy, claim costs used in premium calculations, wages data and business structure (including Grouping Provisions where appropriate).
Our workers compensation team members are seasoned and accomplished professionals capable of managing your ongoing workers compensation program requirements and advising on how best to manage each individual claim. Our services include:
- policy placement (when a new policy is needed for a new entity);
- advice on management of all claims and return to work of injured employees;
- pre-renewal premium indications to assist with budgeting premiums;
- advice on Workplace Health and Safety (WHS) procedures to ensure relevant legislative compliance.