NIBA / Special Feature
which offers trips to ‘off the beaten track’ destinations across the world. “Moving beyond transactions to a genuine partnership would make a huge difference to us when it comes to working with a broker and insurer,” he says. “Too often, the focus is on selling a product or closing a renewal, when what we need is advice that reflects the realities of our business. “Insurers and brokers could help us more by taking the time to understand our operations, our industry pressures, and the risks we’re most concerned about, not just the standard ones on paper. Every company has its own risk profile, and a one-size-fits-all approach doesn’t always work.” Smyth, however, speaks from experience, with a proactive broker now working closely with the business.
market has seen an increase in appetite, however there are still challenges placing risks in segments that don’t have standards. “There are a lot of activities like jet boats, quad biking, camel rides, all of these sorts of things that don't have recognised industry standards or guidelines that businesses have to follow. “The other factor to consider is that tourism businesses are often in high risk locations, because we want to go where it's sunny and warm, which means it's in cyclone country. Or we want to go to cool off, which means it’s near the water and at risk of flooding. And we want to go and experience the tranquillity of the bush where there is fire – so inherently, by design, this industry is in high risk locations.” Add into that sector non-specific risks, such as property, climate, and cyber, and there’s an awful lot that needs to be considered, as Smyth explains.
transactional relationship. They’re almost an extension of our team, helping us understand our risk profile, identify gaps in coverage, and navigate the complexities of the insurance market. “Regular communication is key. We engage with them not just at renewal time but throughout the year, discussing emerging risks, market changes, and opportunities to optimise our coverage. Their guidance on policy details, exclusions, and claims processes helps us make informed decisions and manage risk more proactively. “Ultimately, the closer the collaboration, the more value we get. Our strong broker relationship allows us to feel confident that our insurance program is aligned with both our day-to-day operations and our long- term strategic goals.” Market Challenges at Play As to how the industry is operating at present in terms of managing and placing risks, Shallard says new capacity in the
“We’re very lucky. We work very closely with our broker; it’s more than just a
56 / INSURANCE ADVISER OCTOBER 2025
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