The National Insurance Brokers Association (NIBA) has backed the collaborative approach of the Trowbridge report in seeking to find solutions to difficult market conditions.

The report on commercial insurance affordability and availability was commissioned by the Insurance Council of Australia (ICA), which will form a Business Advisory Council to respond to some of the recommendations.

The council will be chaired by NIBA outgoing CEO Dallas Booth, who officially hands over to Philip Kewin on November 1.

“My goal is to build on the excellent work undertaken by Mr John Trowbridge to better understand the factors behind the difficult market conditions where they exist, and to explore potential solutions with our leading insurance executives,” Mr Booth said.

“There are no silver bullets here, but I share Mr Trowbridge’s view that collaboration and understanding will lead to good outcomes for all concerned.”

The council will include representatives from ICA and small business organisations, with NIBA and the Underwriting Agencies Council to participate as required.

Other recommendations include an examination of the simplification of commercial policy definitions and documentation and improved engagement with government to ensure policy development takes account of insurance issues.

The report also recommends that commissions should continue to be paid but brokers disclose on all customer quotes and invoices all insurer commissions and any other payments they will receive from the insurer.

See ANALYSIS.