NIBA Welcomes 2025 IBCCC Annual Data Report
Media Release
The National Insurance Brokers Association (NIBA) welcomes the release of the Insurance Brokers Code Compliance Committee's (IBCCC) 2025 Annual Data Report and acknowledges the important role the report plays in promoting transparency, good practice and continuous improvement across the broking profession.
The report shows that 62% of brokers reported breaches in 2025, up from 58% in 2024, with the number of brokers reporting zero breaches continuing to fall. This trend reflects the strengthening of compliance frameworks and oversight mechanisms within broking firms, and a continued willingness to identify, report and address Code breaches as part of good practice.
The report identifies renewal timeframes as the most significant area of non-compliance, consistent with previous years. NIBA recognises this as a complex operational challenge, particularly during periods of high volume or staff transition, and will continue to work with members to strengthen renewal processes, including through the IBCCC's best practice guidance on this issue.
The report also highlights an increase in breaches relating to client understanding of advice and the provision of Terms of Engagement. NIBA notes the IBCCC's planned reviews into communication standards and conflict management, and will engage constructively with these processes to ensure members are well placed to meet evolving expectations.
NIBA CEO Richard Klipin said the report underscores the broking profession's commitment to transparency and to continuous improvement under the Code.
"This report gives brokers a clear picture of where the profession is performing well, and where there is more work to do. The increase in breach reporting reflects firms taking their compliance obligations seriously, identifying issues, and acting on them. That is exactly the behaviour the self-regulatory model is designed to encourage,” said NIBA CEO Richard Klipin.
NIBA thanks the IBCCC for its ongoing oversight and engagement with the profession. NIBA remains committed to working with the IBCCC and our members to lift standards, strengthen compliance systems, and ensure clients receive the clear, timely and trusted risk advice that is at the heart of the broker-client relationship.