The annual Peter Corrigan International Exchange Award has been put on hold for a year to allow for a “renewal and refresh program”, according to the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

The award recognises and supports talented young insurance professionals to develop leadership abilities and international business links in Australia, NZ, Japan and other parts of Asia as well as the southwest Pacific.

An ANZIIF spokesman says the award, which is usually awarded in August, has been “postponed” for 2011 and will relaunch next year after a review of the application process and the split between Australian and Asian applications.

Actuarial firm Finity Consulting will continue to be involved with the award.

The award honours Peter Corrigan’s significant contribution to the insurance industry. Mr Corrigan held senior positions at NRMA Insurance, Zurich, AMP and GIO before his sudden death in 2002 at the age of 46.