IBL Limited – which trades as RAIA Professional Risk Services and Planned Professional Risk Services in Australia – has entered into a joint venture with the Architectural Society of China and China’s largest indigenous licensed broker, Huatai Insurance Brokers, in a bid to offer better risk management and professional indemnity (PI) insurance to Chinese builders, architects and engineers.  

MD and CEO Robert Fairley, who describes the Chinese risk services and PI market as “untapped”, says the JV is looking at minimum collective premiums in the next 3-5 years of $15-$20 million.

IBL Non-Executive Director (and National Insurance Brokers Association President) Frank Earl says the move, which has formed some “close relationships” with the Chinese industry, will also benefit Australian brokers in the future.