The Finance Sector Union (FSU) has welcomed the insurance industry’s response to award negotiations, with most major companies agreeing to preserve employees’ key entitlements.

On January 1 the Banking, Finance and Insurance Award replaces the Insurance Industry Award, which had raised concern some entitlements would be lost.

Weekend and public holiday penalty rates, minimum shifts for part-time and casual staff and the loss of accident make-up pay are among entitlements most at risk, the FSU claims.

But FSU Acting National Secretary Rod Masson told insuranceNEWS.com.au the union has had a “terrific” response after approaching major insurers to preserve existing conditions.

“It symbolises the fact that the insurance industry understands employees want certainty about their conditions and want union representation in these negotiations,” he said.

Among the individual insurers, the FSU says Zurich recently concluded a new collective agreement while both Allianz and Axa Asia Pacific Holdings have agreed to protect existing conditions in ongoing negotiations.

IAG has signed a deed preserving award conditions and established a timeframe for negotiating a collective agreement next year.

Suncorp has a current agreement in place that expires on June 30 and has agreed to begin negotiating a new agreement early next year. AMP staff are bound by an enterprise award and employees are not affected at this stage.

The FSU has made less progress with QBE, which it says has refused to sign a letter or negotiate an agreement with the union.