The Australasian Institute of Chartered Loss Adjusters’ (AICLA) Victorian branch has launched the Bob Richards Award to recognise academic performance.

The annual award will be presented to the student with the highest exam mark for any module completed in the Diploma of Loss Adjusting course offered by AICLA and the Australian and New Zealand Institute of Insurance and Finance.

This year’s winner will receive a framed certificate and $500 at an event in Melbourne.

Mr Richards started his insurance career in 1962 and was the inaugural AICLA president in 1997. He was a strong supporter of training and education, and continues to be involved with the industry.

In 2015 he was presented with the Medal of the Order of Australia for his significant community service over 40 years.