NIBA reports $591,000 loss
The National Insurance Brokers Association (NIBA) has reported a deficit of $591,148 for its last financial year.
To stem the flow of red ink the NIBA board has decided to close its flagship Insurance & Risk Professional magazine after the February-March issue.
In a letter to members, President Graham Stevens says the “economics of magazine publishing have changed dramatically in the past two years”.
Although not revealed in the context of the huge loss, in November last year the board voted to close NIBA College and vacate the broker education market.
The association had 310 principal (corporate) members at the end of last year, compared with 400 five years ago.
The $519,148 deficit comes on top of a $52,755 deficit the previous financial year.