In a Disparate Market, Brokers Deliver Clarity, Choice and Advocacy for Consumers

As Australiaʼs general insurance market continues to see increasing competition, the National Insurance Brokers Association (NIBA) reaffirms the critical role insurance brokers play in helping clients navigate an increasingly complex risk environment.

Brokers placed more than half of the total general insurance Gross Written Premiums (GWP), which is over $70bn, in FY24, underscoring the significant role they play in the Australian economic landscape and the value insurance brokers provide to consumers and the broader economy.* This trend has been growing over the last decade.

NIBA CEO Richard Klipin highlighted that insurance brokers are indispensable in connecting Australians to the right insurance solutions and giving choice and support to consumers, especially during shifting market conditions.

“As the world becomes more complex and consumer expectations shift, the need for trusted, expert guidance has never been more important,” Richard said.

“Brokers have been on the frontline of Australiaʼs risk landscape, helping clients understand and manage emerging threats, protect their assets, and recover when disaster strikes. From floods on the Mid North Coast to bushfires in the Grampians region, and Ex-Tropical Cyclone Alfred, brokers have stood shoulder-to-shoulder with communities, providing support when it matters most,” Richard added.

With underinsurance and the impact of climate change continuing to be a major threat, brokers play a crucial role in identifying appropriate cover and ensuring Australians are not left exposed.

“As trusted advisers, brokers help clients to identify, manage and mitigate their exposures, ensuring the right and important levels of cover are in place, as well as offering support and guidance throughout the claims journey, ensuring peace of mind for their clients,” said NIBA President Nick Cook.