NIBA Insurance Adviser Magazine Apr-May 2026

The April-May issue of NIBA's bimonthly flagship magazine for the general insurance broking profession.

Magazine for the General Intermediated Insurance Profession

APRIL/MAY 2026

GLOBAL NETWORKS, LOCAL RELATIONSHIPS

MAPPING AUSTRALIA’S GENERAL INSURANCE BROKING PROFESSION

BROKERS’ GUIDE ON FARMING THE FUTURE

WE ARE YOUR VOICE

Care in your corner

A refreshed commitment to brokers and customers

Allianz is pleased to introduce its refreshed Personal Injury and Commercial proposition, Care in your corner. We recognise it’s not the day-to-day routine that defines broking, it’s the moments that test it. A complex claim. A difficult conversation. A client under pressure, looking for solutions. These are the moments where partnership matters most - where it’s clear who listens, who understands, and who stands beside you when it counts. Care in your corner is Allianz’s commitment to showing up in those moments, through breadth of cover, expert claims management, strong collaboration and commitment to our brokers and customers. A more connected approach With Personal Injury and Commercial businesses now one team, Allianz can bring a more unified approach to brokers and customers. • Cover that leverages our breadth across Personal Injury and Commercial • Claims managed with transparency, continuity and insight • Collaboration backed by trusted expertise • Commitment from people who genuinely care about making a difference. Julie Mitchell, Allianz Chief General Manager, Personal Injury and Commercial, said the commitment is grounded in practical support coupled with a strong track record of delivery, rather than broad promises. “Brokers told us they want a partner who listens first, understands their customers’ businesses, acts with clarity, and delivers consistency when it matters most,” Julie said. That’s what Care in your corner delivers. It’s expert partnership made personal. We combine understanding and trusted expertise to deliver tailored solutions, and care that strengthen brokers’ client relationships.

“Care in your corner is about being there in a practical way, with the right support, the right people and understanding when pressure is on,” she said. Showing up in the moments that matter Brokers have told us they want insurers to listen to the needs of their customers. They want people who understand the realities their customers face and who can respond with both technical expertise and informed judgement. Above all, they want a partner who shows up when the stakes are high. “When a client is under pressure, confidence matters. We want brokers to know they have a partner in Allianz who is ready to step in and provide solutions on time,” Julie said. Care in your corner is our commitment to back brokers with deep technical expertise and a people-first approach. In practice, that means: • a real understanding of your customer’s business and risk • transparent and dedicated claims support focused on outcomes • access to local teams backed by specialist and global capability • consistent decisions underpinned by a clear risk appetite you can rely on. When the moments that matter occur, brokers need a partner in their corner who understands their client’s world and is there with them, helping businesses return to operations and supporting people to recover faster. Discover more at www.allianzengage.com.au

Allianz. Care in your corner.

Allianz Australia Insurance Limited ABN 15 000 122 850

CONTENTS April/May 2026

ACN 006 093 849 ABN 94 006 093 849

Insurance Adviser magazine is the bimonthly (once every two months) magazine of the National Insurance Brokers Association (NIBA). Insurance Adviser magazine is published by NIBA Publisher Richard Klipin, CEO, NIBA E: rklipin@niba.com.au W: niba.com.au NIBA Editor Virat Nehru Editorial enquiries E: editor@niba.com.au National Partnerships Manager Wayne Egelton E: wegelton@niba.com.au Design Clutch Digital www.clutchdigital.com.au NIBA gives no warranty and makes no representation that the information contained in this magazine is, and will remain, suitable for any purpose or free from error. To the extent permitted by law, NIBA excludes responsibility and liability in respect of any loss arising in any way (including by way of negligence) from reliance on the information contained in this magazine or otherwise in connection with it. The contents of Insurance Adviser are protected by copyright and NIBA reserves its rights in this regard.

9 NICK COOK ELECTED WFII VICE-PRESIDENT

Australia set to host the 2027 WFII Conference.

10 NIBA LEADS PRE-BUDGET CALLS FOR A PROACTIVE APPROACH TO DISASTER MANAGEMENT We take a look at what NIBA and other industry bodies are urging the government to focus on ahead of the 2026-27 Federal Budget.

ALLIANZ COMMERCIAL A NIBA Brokers’ Guide: Farming the future ISSUE 13 - MARCH 2026

18 A NIBA BROKERS’ GUIDE: FARMING THE FUTURE Farming is vital to Australia. Supporting and protecting it requires expertise, discipline and care – and brokers are central to that effort.

allianzengage.com.au

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NIBA .COM.AU / 3

CONTENTS April/May 2026

SPECIAL FEATURES

IN EVERY ISSUE NIBA CEO Welcome��6 REFERENCE Community Hub��58 Ratings��62

34 SEIZING THE SME OPPORTUNITY Vero’s annual SME Insurance Index demonstrates changes in the needs and wants of SME businesses across Australia, and provides a roadmap for brokers, too.

42 UNLOCKING THE RISK LANDSCAPE: INSIGHTS INTO GENERAL INSURANCE BROKING IN AUSTRALIA NIBA’s latest research reveals that brokers are critical to powering the Australian economy.

50 THE SKILLS ROADMAP FOR TOMORROW What do you need to do to ensure you’re well placed for the next decade?

DISPLAY ADVERTISING INDEX – APRIL/MAY 2026

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Allianz�� IFC BMIA��5 Zurich��7 Vero�� 37 BAIS�� 39

If you’d like to advertise your products and services through NIBA, please contact Wayne Egelton today on 0481 196 820

4 / INSURANCE ADVISER APRIL/MAY 2026

Our Business is you!

Are you looking to join a General Insurance Authorised Representative Group?

Want to retain your brand and full ownership of your business and your client relationships? Would you like to belong to a Network that is by Brokers, for Brokers?

Find out more about our network and the benefits at www.bmianetwork.com.au

CEO / Welcome

The Moment to Lead As this issue lands on your desk, Australia is days away from the 2026–27 Federal Budget and the economic backdrop has shifted. Events in the Middle East have injected new uncertainty into an already complex environment, with the consequences for inflation, business confidence and household budgets all likely to shape the Australia has been confirmed as host of the 2027 Annual WFII Conference — a major opportunity to bring the global intermediary community to our shores. Your Voice, Your Code

forward to connecting with members across the country in July and at the Gold Coast in October.

Thought Leadership This bumper edition of Insurance

Adviser also features two significant new publications. The third report in our thought leadership series — Unlocking the Risk Landscape: Insights into General Insurance Broking in Australia — is a comprehensive analysis of the $134 billion general insurance market. It builds on our previous reports to give our profession a detailed, evidence-based picture of where we stand. Alongside it, our latest NIBA Brokers' Guide turns its lens on the unique challenges faced by rural and farming clients. NIBA thanks Allianz Australia for their valued partnership on both publications. There is a great deal in motion. But looking across this issue, what stands out most is the momentum. The future is being shaped right now, and our profession is leading the conversation.

The review of the Insurance Brokers Code of Practice has reached a significant milestone. More than 200 contributions were received across the consultation period — spanning 11 member and stakeholder workshops, 15 written submissions, and broker surveys drawing together the voices of more than 10,000 insurance professionals across Australia, from sole practitioners to the country's largest global networks. NIBA thanks every member, consumer advocate, regulator and stakeholder who engaged with the process. The NIBA Board is considering that feedback. The depth and diversity of what we heard will ensure the new Code reflects the full breadth of the profession it is designed to serve. Mentoring Program Reaches New Heights I am delighted to share that the 2026 NIBA Mentoring Program has grown by 50%, with nearly 150 participants involved right across the country. That is not just a number — it is a clear signal that the broking profession is genuinely committed to investing in its people and supporting the next generation of leaders. Thank you to our national and state program partners and to our mentors and mentees for helping grow this initiative. Be Future Ready at the 2026 NIBA Convention Super Early Bird registrations for the 2026 NIBA Convention are now open, and I cannot wait to welcome the profession to the Gold Coast under the theme of ‘Future Ready’. With 80% of Gala Lunches already sold out, it is clear the appetite to come together is strong. I look

Federal Treasurer’s thinking. For our profession, the timing could not be more significant. The decisions made in this Federal Budget will have an impact on insurance affordability, disaster resilience, and the communities brokers serve every day. Pro-active Approach to Disaster Management NIBA's pre-Budget submission makes a clear and urgent case: Australia must shift from reactive disaster recovery to proactive resilience. We have called for an expanded, indexed Disaster Ready Fund; a national co-funded household mitigation scheme; reform of state taxes and levies that can add up to 70% to the cost of a premium; a National Emerging Risks Advisory Council to address the growing protection gap; and a review of regulatory costs affecting insurance advice. This issue's feature takes you through each proposal in full. The message to government is simple: act before disaster strikes. Australia Steps into the Spotlight Beyond Canberra, NIBA attended the Annual Meeting of the World Federation of Insurance Intermediaries (WFII) in Cape Town in late March — joining insurance leaders from across the world to explore and discuss global challenges. I am delighted to congratulate NIBA President Nick Cook who has been elected Vice- President of WFII, a leadership appointment that reflects the increasing contribution of Australia's broking profession on the world stage. And in further good news,

RICHARD KLIPIN Chief Executive Officer, NIBA

6 / INSURANCE ADVISER APRIL/MAY 2026

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NIBA / Professionalism

NIBA Consultation Draws More Than 200 Contributions to Shape New Code The National Insurance Brokers Association (NIBA) has received more than 200 contributions as part of the consultation for its review of the Insurance Brokers Code of Practice (the Code). The consultation ran from February to early April 2026 and was designed to hear directly from the broking profession, the clients and businesses that brokers serve, and key public stakeholders including regulators, government, dispute resolution bodies and consumer advocates.

Code of Practice Consultation at a glance:

Across the period, NIBA held 11 member and stakeholder workshops with 81 participants, received 15 written submissions, and ran two surveys that drew more than 100 responses from brokers. Taken together, the contributions represent the views of more than 10,000 insurance brokers across Australia — from sole practitioners through to the country's largest broking networks and global firms. The consultation process involved multiple touchpoints, including Broker Buzz, social media, and webinars. That breadth of input means the new Code will be informed by every part of the system it is designed to serve. The NIBA Board is considering the feedback received from the membership and other key stakeholders. "There was robust engagement throughout this consultation. Brokers, consumer groups and regulators alike came to the table prepared and committed to lifting professional standards in the interests of the consumers and businesses who rely on broking advice," said NIBA CEO Richard Klipin.

Code Review Committee Chair Di Phelan said the depth and diversity of contributions had set a strong foundation. "Throughout the consultation, we heard from practitioners at every level of the profession, from the consumer advocates and regulators who see the Code tested in real situations, and from the dispute resolution bodies that sit at the sharp end of it. That depth and diversity of input across a variety of touchpoints is invaluable," Di said. NIBA President Nick Cook noted that the response from the profession reflected the significance of the review. "Our members understand that a strong, contemporary Code is one of the clearest signals of trust and confidence the broking profession can send to clients, government and the wider community. The NIBA Board is grateful to everyone who contributed, and we are determined to deliver a Code that meets the moment and sets the standard for what professional broking looks like in Australia," Nick said. NIBA thanks every member, stakeholder and organisation that contributed to the consultation and looks forward to continuing the conversation.

10,000+ broker views represented

100+ responses 200+ contributions 81 participants

15 written submissions 11 member and stakeholder workshops

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NIBA / Advocacy

Nick Cook Elected WFII Vice-President as Australia Named Host of 2027 Conference

The National Insurance Brokers Association (NIBA) was delighted to attend the Annual Meeting of the World Federation of Insurance Intermediaries (WFII) in Cape Town, South Africa, from 26–28 March 2026, joining insurance leaders from across the world to share insights and address the key challenges shaping the future of the sector. The event brought together senior representatives from insurance intermediary associations across Australia, Canada, Hong Kong, India, the United States, South Africa and Europe. Over three days, delegates explored issues including the impact of artificial intelligence on the role of intermediaries, the global protection gap, and evolving risk and regulatory landscapes. The occasion marked two significant outcomes for Australia and the broking profession. NIBA President Nick Cook has been elected Vice-President of WFII, a significant leadership appointment that reflects both his standing in the global intermediary community and the increasing contribution of the Australian broking profession on the world stage. Australia was also announced as the host country for the 2027 Annual WFII Conference, presenting a major opportunity to welcome

the global intermediary community to our shores and lead an invaluable exchange of knowledge and insights. NIBA President Nick Cook said he was honoured to take on the role and looked forward to working collaboratively with global leaders on common issues impacting the sector. “I'm humbled to accept the appointment as Vice-President of WFII and grateful for the opportunity to follow in the footsteps of the late Graham “Bear” Stevens who forged the way as WFII President in 2016. The challenges we face are increasingly global in nature, from technological disruption to regulatory change and a growing protection gap. I look forward to working with colleagues from around the world to strengthen collaboration, share knowledge and support better outcomes for clients and communities,” Mr Cook said. NIBA CEO Richard Klipin said the outcomes from Cape Town demonstrated the importance of both NIBA and Australia continuing to step up on the global stage. “This is a significant moment for NIBA and for Australia. Nickʼs appointment as Vice- President of WFII, alongside Australia being confirmed as host of the 2027 Annual WFII Conference, reflects the strength of our profession and the contribution we can make internationally,” Mr Klipin said.

“As our sector navigates increasingly complex and interconnected challenges, sharing knowledge capital and practical insights with peer insurance bodies around the world is more important than ever. These global forums strengthen our collective ability to respond to emerging risks, advocate for the value of intermediaries, and deliver better outcomes for clients and communities,” Mr Klipin added. NIBA looks forward to building on the momentum of this yearʼs meeting and welcoming the global intermediary community to Australia in 2027. NIBA would like to thank the Financial Intermediaries Association of Southern Africa (FIA) for hosting this year’s meeting in Cape Town. NIBA President Nick Cook and Vice- President Rebecca Wilson also travelled to London & Brussels following WFII. Their meetings focused on the London & European market view in respect to global insurance developments and how these learnings may apply to Australia. NIBA would like to thank Patrick Tiernan, Chief Executive, Lloyd's and Nick Donovan, Director of Market Development, Lloyd's; Graeme Trudgill, Chief Executive, British Insurance Brokers' Association; Christopher Croft, Chief Executive of the London & International Brokers' Association; Nic De Maesschalck, Director of WFII & their respective teams for their insights and hospitality. NIBA President Nick Cook and Vice-President Rebecca Wilson with Patrick Tiernan, Chief Executive, Lloyd’s of London.

Insurance leaders from across the world come together in Cape Town for WFII.

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NIBA / Feature

NIBA Leads Pre-Budget Calls for a Proactive Approach to Disaster Management

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NIBA / Feature

Ahead of the budget, we take a look at what NIBA and other industry bodies are urging the government to focus on ahead of the 2026-27 Federal Budget.

The 2026-27 Australian Federal Budget will be delivered by Treasurer Jim Chalmers in May 2026, and while it was already shaping up to be a significant one, recent events in the Middle East have changed the economic context for the budget, and the consequential risks of inflation, stagflation and recession will affect the government’s thinking. NIBA has led calls for a more proactive approach to disaster management and resilience – urging the government to shift from short-term disaster recovery to long- term risk prevention. “Ultimately, our focus in our pre-Budget submission is to help ensure insurance accessibility and affordability, and build resilience in our communities so we’re better placed to withstand the impact of events,” says Richard Klipin, CEO of NIBA.

It’s an approach shared too by the Insurance Council of Australia in its pre-Budget submission [see sidebar] and Klipin says the message to the Federal Government comes through loud and clear. “We need change and reform to ensure insurance can perform the role it needs to in society – and the first stage of that is being proactive in creating a more resilient environment. “A proactive approach to disaster mitigation, focused on long-term investments at both community and household levels, will reduce the impact of natural disasters, enhance resilience, and alleviate the financial pressures that reduce insurance affordability for Australian households and businesses.”

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NIBA / Feature

THE 5 KEY AREAS OF NIBA’S PRE-BUDGET SUBMISSION

EXPAND THE DISASTER READY FUND INTO A ROLLING 10-YEAR, INDEXED PROGRAM

INTRODUCE A NATIONAL, CO-FUNDED HOUSEHOLD MITIGATION SCHEME

REFORM STATE INSURANCE TAXES AND LEVIES

NIBA’s proposal to expand the Disaster Ready Fund focuses on shifting the funding model from short-term cycles to long-term certainty, helping governments plan and deliver mitigation infrastructure more effectively. With premiums predicted to rise to levels that would make 1 in 25 homes effectively uninsurable within five years, action must be taken to address the key barriers that drive the affordability and accessibility challenges Australians currently face. The current stop-start funding approach limits large-scale projects and reduces the ability of states and local governments to commit to long-term resilience strategies. A predictable funding pipeline would support investments such as flood defences, drainage upgrades and coastal protection, which take years to design and implement. The objective of this proposal is to reduce the overall economic and insured losses from natural disasters, stabilise premiums and create a more proactive national resilience framework.

Much of Australia’s disaster exposure sits at a property level, and a national, co-funded scheme would see governments and homeowners share the cost of resilience upgrades such as raising homes in flood-prone areas, strengthening roofs against cyclones, or installing fire-resistant materials in bushfire zones. Targeted projects at a household level can materially reduce damage and insurance claims, particularly in high-risk areas. By lowering expected losses, insurers may be able to offer more affordable cover, or maintain availability in areas that are currently approaching a status of ‘uninsurable’. NIBA proposes a co-funded model with Commonwealth and State government contributions, targeting high-risk postcodes.

State-based taxes and levies vary by jurisdiction and directly increase the cost of insurance cover for households and businesses. NIBA’s pre-budget submission calls for the reduction or elimination of these taxes and levies, and replacing them with more equitable, broad- based funding. The current application of taxes and levies remains a significant structural barrier to insurance affordability. The compounding effect of stamp duty, emergency services levies and GST can add up to 70% to insurance premiums, effectively penalising households and businesses seeking to manage their risk responsibly. This issue is also raised by the Insurance Council of Australia in its pre-Budget submission (see sidebar) and NIBA recommends the development of a roadmap for phasing out distortionary taxes and levies on general insurance products.

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NIBA / Feature

CONDUCT A REVIEW OF REGULATORY COSTS AFFECTING INSURANCE ADVICE

ESTABLISH A NATIONAL EMERGING RISKS ADVISORY COUNCIL

Affordability key for ICA pre-budget submission, too

Our risk landscape is evolving far beyond traditional natural hazards, and Australians are largely unprepared. Research indicates that 67% of businesses expect to be impacted by cyber incidents, yet only 20% of small and medium enterprises have standalone cyber insurance policies. Even among larger businesses, coverage rates remain inadequate, with estimates suggesting only 35-70% have appropriate cyber protection. This protection gap leaves Australian businesses and consumers exposed to risks they may not fully understand or have the tools to effectively mitigate. NIBA proposes establishing a National Emerging Risks Advisory Committee, formed by members of relevant government agencies, industry bodies including NIBA and the Insurance Council of Australia, the Actuaries Institute, and small business representatives, to provide coordinated, expert guidance on emerging risks and appropriate mitigation measures.

Since the Financial Services Royal Commission, the regulatory burden on the insurance broking profession has continued to grow significantly. While many of the Royal Commission reforms have been implemented, the anticipated reduction in regulatory pressure has not materialised. Instead, successive regulatory changes have added layers of compliance with minimal corresponding relief to offset these burdens. While individual regulatory reforms may have merit, the cumulative effect of continuous change since 2019 has significantly increased compliance costs for advisers. These costs are ultimately borne by consumers, either through higher fees or reduced access to professional advice. NIBA believes there is value in taking stock of the cumulative regulatory changes affecting general insurance advice since the Royal Commission. An independent audit, conducted by Treasury or the Productivity Commission, would provide an evidence base for ensuring regulatory settings achieve their intended consumer protection objectives without creating unnecessary barriers to advice.

The pre-budget submission from the Insurance Council of Australia (ICA) echoes some of the key themes from NIBA’s submission, with affordability and disaster recovery featuring highly. The ICA’s headline proposal is a $30.15 billion Flood Defence Fund over 10 years, alongside expanding disaster resilience funding, rolling into a long-term program focused on preventative infrastructure. The ICA also proposes system-wide reforms, including: • Stronger building codes and land use planning to reduce exposure in high-risk areas • The creation of a National Hazard Data Asset to improve risk modelling and planning • The reform of state-based insurance taxes • Reduction in regulatory burden.

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NIBA / Professionalism

Inspiring the Next Generation: Insure Your Future Wraps Up The Big Meet 2026

Meeting so many passionate students and graduates, exchanging insights about careers in insurance broking, and engaging in thoughtful, meaningful conversations made this year’s Big Meet a great success. It was inspiring to see firsthand the curiosity, ambition, and energy of the next generation as they explored the diverse opportunities our industry has to offer. Over the past few weeks, The Big Meet has taken us across the country - from Sydney to Melbourne, Brisbane, Adelaide, and Perth, connecting with thousands of emerging professionals and showcasing the rewarding pathways within broking. Each stop reinforced the importance of these face-to-face moments: building connections, sharing knowledge, and opening doors to future careers.

As we wrap up this year’s Big Meet series, we extend a big thank you to our dedicated Insure Your Future team members who represented the industry with such enthusiasm and commitment at every event. Your efforts in guiding, mentoring, and inspiring students have made a lasting impact. We’re also grateful to the ANZIIF ‘Careers in Insurance’ team for their continued collaboration, and to Insurance Council of Australia, Fuse Recruitment, and Blake Oliver Consulting for joining us at the stand. Together, we created a strong and united presence, one that not only highlighted the value of our industry but also encouraged and empowered future brokers to take that first step. While this chapter comes to a close, the momentum continues. Stay tuned to see where Insure Your Future will be heading next as we keep championing careers in insurance and supporting the next generation of talent.

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NIBA / Professionalism

NIBA Mentoring Program Surges 50% as Profession Invests in Future Leaders

NIBA is delighted to announce a 50% increase in participation in the 2026 NIBA Mentoring Program, with nearly 150 participants involved right across Australia. This is a considerable uptake from last year.

The program has witnessed growth across every state and territory. The nationwide reach of the program reflects NIBA's ongoing commitment to be present where its members are, ensuring professionals in regional and metropolitan areas alike have access to meaningful development opportunities. The annual program brings together emerging talent and experienced industry leaders through structured guidance and support, helping participants enhance their skills, navigate challenges, and unlock their full potential. NIBA CEO Richard Klipin said the growth in participation is a strong endorsement of the program's value and its role in building a more connected and capable profession. "A 50% increase in participation from last year is a fantastic result and reflects the genuine appetite across our profession for meaningful connection and development. This program is particularly important in ensuring emerging professionals in regional

areas can access the guidance and support of experienced industry leaders, regardless of where they are located," Richard said. NIBA President Nick Cook said the program's expansion demonstrates the profession's commitment to investing in its people and supporting the next generation of leaders. "The strength of our profession lies in the willingness of experienced brokers and industry professionals to share their knowledge and give back. Seeing this level of engagement across the country tells us that the mentoring culture within our industry is strong and growing, and that is something we should all be proud of," Nick said. Thank you to our national Mentoring Program partners: Marsh, Vero, CHU Underwriting Agencies, Zurich Insurance Australia Allianz Australia, UAA Group, & Envest. We would also like to thank our state partners: Protecsure (NSW), Clear Insurance (Qld), & AUB Group (NSW).

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NIBA / Community

Have You Secured Your Spot for the 2026 NIBA Convention – the Flagship Event of the Broking Profession?

Across three dynamic days at RACV Royal Pines, delegates will experience:

The insurance broking profession is coming together on the Gold Coast, 18–20 October. This year’s theme is ‘ Future Ready ’. In a landscape shaped by evolving risks, rapid technological change and rising client expectations, the 2026 Convention will explore how brokers and the broader industry can anticipate what’s next, adapt with confidence and stay ahead of change.

Industry-leading speakers and insights

Meaningful networking across the profession

A vibrant Marketplace, breakout sessions and morning masterclasses

Social events including the NIBA Golf & Tennis tournaments

The return of the much-loved Puppies & Goats Sanctuary

The prestigious NIBA Awards Night & Gala Dinner

Super Early Bird Tickets Available! Members can save 15%

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NIBA / Community

What's New at the 2026 NIBA Convention?

Introducing the 2026 NIBA Convention MC: Jordana Borensztajn We are delighted to announce that Jordana Borensztajn will be this year's Master of Ceremonies across the three days! Dynamic, electrifying and endlessly entertaining, Jordana brings high energy,

A fresh new look for the Fringe Stage In line with the ‘future readyʼ theme, the Fringe Stage is set to receive a surprising makeover this year, creating an engaging and informal environment for delegates to experience presentations in a fresh and dynamic way. This reimagined space will encourage conversation, curiosity and new ways of thinking as delegates engage with ideas shaping the future of the profession. A dedicated night for emerging talent A new feature of the 2026 program will be the Young Professionals Night on Monday evening, dedicated to those who will help shape the future of the broking profession. The event will serve as a dedicated networking hub for emerging professionals attending the Convention, creating new opportunities to build relationships, exchange ideas and strengthen the next generation of broking talent.

deep insights and lots of laughter to every event. Her experience includes being a News Corp Australia journalist, plus performing two sold-out shows in the Melbourne International Comedy Festival, and much more! Jordana is also a talented performer, offering corporate comedy, magic and mentalism. We look forward to having her bring the energy to the 2026 NIBA Convention! Tennis & Golf Are Back for the 2026 Convention The NIBA Convention tennis and golf tournaments are back for 2026 - bigger, better, and ready to ignite the Convention from the very first swing. Taking place on the Sunday afternoon, 18th October, these much- loved tournaments are the perfect way to kickstart your Convention experience at the RACV Royal Pines, where friendly competition meets genuine connection, and the tone is set for the days ahead. Fly in early, step straight into the action, and soak up the energy as the industry comes together in a way that’s both relaxed and unforgettable. We’re proud to welcome back our partners, with Chubb supporting the Tennis Tournament and Liberty Specialty Markets supporting Golf .

Limited Availability – Book Your Offsite Accommodation Now! Stay in comfort with a curated selection of accommodation options on the Gold Coast for the 2026 NIBA Convention. Stay nearby at The Mercure, Star or Dorsett! With high demand expected, rooms will book out quickly, it's time to lock in your stay. Don’t leave it too late! Secure your preferred option now and set yourself up for an exceptional convention experience.

Scan the QR code to register

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ALLIANZ COMMERCIAL A NIBA Brokers’ Guide: Farming the future ISSUE 13 - MARCH 2026

allianzengage.com.au

Contents Welcome note

The new frontier: Navigating Australia’s top farming risks in 2026

AI in farming: Opportunity, governance and the new risk frontier

Proactive resilience: Managing the ‘invisible’ risks in farming

The hidden mental health value brokers can bring

This NIBA Brokers’ Guide is brought to you through a partnership between Allianz Australia Insurance Limited (Allianz) and NIBA. We hope the knowledge of our subject matter experts, coupled with Allianz’s industry expertise, helps you and your clients prepare for the future. We welcome ideas for future subjects – please email your suggestions to editor@niba.com.au.

A NIBA Brokers’ Guide: to farming the future 19

Welcome note

RICHARD KLIPIN Chief Executive Officer, NIBA

JULIE MITCHELL Chief General Manager, Personal Injury & Commercial

Farming the future In an increasingly complex and advanced world, risk management is of paramount importance.

Farming is foundational to Australia, economically, socially and culturally. For as long as farms have existed, resilience has been part of the job description, with seasonal volatility and extreme weather an ever-present reality. The scale of the sector underscores why this matters. Around 70% of what is produced on Australian farms is exported, contributing more than $80 billion to the national economy in 2024-25. When disruption occurs on a farm, its impact rarely stops at the farm gate. Out of necessity, over the years, farmers have become highly capable risk managers. For brokers, that creates both opportunity and responsibility. The value you bring extends well beyond policy placement – but it depends on a genuine understanding of the nuances of agricultural operations and the people behind them. From the outside, farming may appear to evolve steadily. In reality, the past decade has reshaped its risk landscape considerably. Technology, artificial intelligence, diversification pressures and regulatory change have altered risk in ways that demand deeper advisory conversations.

The long-term future of the farm is also shifting. While generational succession remains central for many, sale, aggregation or external investment are increasingly part of strategic planning. Strong governance and disciplined risk management are no longer optional, they are foundational to potential value. And beyond operational complexity sits a human dimension that cannot be overlooked. Farming can be isolating, and the mental health burden across regional communities is well documented. In this environment, the broker’s consistent presence – the regular call, the proactive check-in, the willingness to ask a difficult question – carries real weight. In this edition of the Brokers’ Guide, we examine the changing farming risk landscape, explore how technology and AI are reshaping operations, unpack the ‘invisible’ structural risks within farms, and consider the human pressures facing rural communities. Farming is vital to Australia. Supporting and protecting it requires expertise, discipline and care – and brokers are central to that effort.

20 A NIBA Brokers’ Guide: to farming the future

The new frontier: Navigating Australia’s top farming risks in 2026

An ever-evolving risk profile continues to redefine what farming clients need from the insurance profession. F arming has always required resilience. Seasonal Ben Church, General Manager – Broker Distribution at Allianz Australia, says, “Farming operations have become

volatility, commodity cycles and natural weather perils are long-standing realities for producers across Australia, and these challenges have always needed strong risk management. Over the past decade or so, however, the farm risk profile has changed considerably, as agricultural operations have evolved, moving from a predominantly physical risk to a blended physical, digital and structural risk profile. The scale of the sector reinforces why this matters. Agriculture accounts for 55% of Australia’s land use and approximately 74% of national water consumption, supports more than 315,000 jobs, and contributes over $80 billion in exports in 2023–24, according to ABARES’ Snapshot of Australian Agriculture.

significantly bigger and a lot more efficient. They’ve become much more sophisticated enterprises, and technology is an essential part of that development.

“Regardless of whether they’re insured or not, farmers manage risk every single day. Because of that, they have a comprehensive understanding of risk, and are among the best risk managers you’d find in Australia.”

“That creates new opportunities, and new risks that need to be managed.”

The rate of change in the farming sector is one that has actually outpaced many other sectors, says Caleb Richards, Practice Leader Agriculture at AgriRisk – and the NIBA Broker of the Year 2025.

Consequently, operational disruption, whether physical, digital or structural, has significant implications.

A NIBA Brokers’ Guide: to farming the future 21

“The level of sophistication at which farmers are operating, and have had to learn to operate, is a lot further ahead than most people realise.” This causes challenges for brokers and insurers in terms of creating the right products to keep pace with the market, says Richards. “Farming is well ahead of the insurance market,” he says. “It’s up to us to keep up, but often we struggle to respond to the level of sophistication at which they operate, and the rate of change that’s happened in the sector. “Regardless of whether they’re insured or not, farmers manage risk every single day. Because of that, they have a comprehensive understanding of risk, and are the best risk managers you’d find in Australia.” For brokers, that sophistication means risk conversations must now extend beyond traditional asset schedules and seasonal peril exposures, into new realms, new risks and, potentially, new rewards. Automation, efficiency - and dependency Agricultural technology – agtech – is a hugely important part of farming today, and it’s big business. More than $318bn has been invested in agtech globally in the past decade, while in Australia alone in 2024, $3bn was invested in this space. “And when that reliance increases, it introduces a new type of exposure that maybe historically hasn’t been front of mind for farmers or for insurers.”

everyday operations, often helping improve safety and productivity – particularly important in a sector facing labour constraints.

However, technology adoption can also introduce new risks and vulnerabilities that need to be considered.

Ammon Mackie, General Manager of Commercial Business Transformation at Allianz Australia, says, “Those tractors and harvesters are so technologically driven now that if something fails it creates huge knock-on problems for the farm.” A system outage during a narrow harvest window can have immediate income consequences because supply chains often aren’t able to get replacement machinery in good time. Richards says, “If there’s been an incident on the farm and equipment needs to be replaced or repaired, the timeline for that is often quite disconnected from the reality. Because if they have an incident at the very start of harvest in broadacre operations, the equipment is critical, and it’s very unlikely that they will be able to secure another machine to replace and get through their own harvest, which then has a direct impact on their income. “Not only do they need to get the crop off, but now they’re watching their income and cash flow basically drop off every day the crop stays exposed to the elements. And if they miss that window, they are directly hit.” In this situation, business interruption and continuity planning take on greater relevance. Cyber resilience moves closer to home As well as those risks that may be considered more traditional – despite the technology overlay – farms are facing a new risk that a decade or so ago wouldn’t have been a huge consideration.

And investment is translating into practical, operational change on farms.

Cybersecurity.

“If we were having this conversation ten years ago, uptake was relatively minor, and a lot of what is being talked about would have sounded fanciful,” says Tom Gilmore, Head of Farm Underwriting at Allianz Australia.

For many farmers, this represents a meaningful shift in the way risk is understood.

Phoebe Twiggs, Head of AI and Data Science at Allianz Australia, says, “Farmers have gone from managing primarily physical risks to now managing cyber and digital risk as well. It’s a complete shift in mindset.” One in five farms is hit every year with at least one cyber event, and agriculture is now a top-six sector for data breaches in Australia. Richards says, “By virtue of that sophistication and the way that farmers are managing risk, they’re also becoming more reliant on technology – whether that’s through

“Today, you’ve got automation on tractors, you’ve got all the precision ag, and drones that are monitoring crops and livestock.

“Virtual fencing has just been given the green light in South Australia, and that was the final state or territory to do so. A decade ago, when we talked about virtual fencing, you would have said, ‘No way.’ And that’s the big difference today. It’s here.”

Automation, precision agriculture, connected machinery and remote monitoring are increasingly embedded in

22 A NIBA Brokers’ Guide: to farming the future

“That conversation is critical.”

connected systems, the cloud, or data platforms that are monitoring everything from soil composition to exchanging data with their agronomist. “And when that reliance increases, it introduces a new type of exposure that maybe historically hasn’t been front of mind for farmers or for insurers.” “Cyber risk is not necessarily something that farmers have historically thought of as a primary risk, but increasingly it should be part of the conversation.” Twiggs highlights it’s not just the farm itself. “It’s the risk of your suppliers as well. If a processor or logistics partner suffers a cyber event and shuts down, you’re impacted too.” Elevating the broker conversation

It underlines the importance of being across new developments in the sector – if not ahead of them. By understanding the true lay of the land, and what’s on the horizon, that conversation with a farming client takes on so much more meaning, and so much more importance.

Practical takeaways for brokers: 1. Broaden risk conversations beyond physical assets to include digital and structural exposure. 2. Assess operational dependency on critical machinery and technology during peak production periods. 3. Revisit business interruption assumptions in light of longer repair timelines and specialist parts. 4. Integrate cyber risk, including third-party supply chain exposure, into core renewal discussions. 5. Factor environmental reform and regulatory oversight into expansion and diversification planning. 6. Shift renewal conversations from transactional asset reviews to proactive resilience planning.

Farms are sophisticated, high tech operations, and brokers can elevate the conversations they have for mutual benefit.

Richards says, “We need to be less transactional in the way that we engage with farmers. When you’re transactional, you’re really just doing an autopsy of their asset programme. A more sophisticated and trusted broker should be leading with a discussion centred around risk. “What are your contingency plans for your operation? What does your contingency program look like to manage anything from your supply chain to significant peril events? What is the plan when something falls through the cracks or there’s an event that prevents you from being able to operate?

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AI in farming: Opportunity, governance and the new risk frontier

Understanding the business benefit helps identify new opportunities for all parties.

24 A NIBA Brokers’ Guide: to farming the future

I n The new frontier: Navigating Australia’s top farming risks in 2026, we explored how farming risk is evolving rapidly, and nowhere is that more evident than in the rise of artificial intelligence across the sector. Where automation and precision tools were once considered forward-looking, they are now integrated into everyday farm management. Drones monitor livestock and crops, software platforms analyse soil and yield data, and machinery increasingly relies on embedded systems and digital diagnostics. However, amid all of the hype, the implementation of AI and technology should always be driven by need, confirms Phoebe Twiggs, Head of AI and Data Science at Allianz Australia. “I think you can get caught up in the hype of AI and just want everything without actually thinking about what is my business problem,” she says. “It always comes back to understanding your pain points, and choosing solutions to help address and fix those problems.” Tom Gilmore, Head of Farm Underwriting at Allianz Australia, agrees. “It’s about working out where the biggest benefit is for my farm, where it’s going to have the biggest impact.” In agriculture, those business problems are often practical and immediate: labour shortages, inconsistent yields, climate volatility, and margin pressure. For brokers, that commercial lens is a critical context from which to help farming clients understand what’s worth pursuing, and what’s not. And, more pertinently, what new risks may be introduced into the business. From reactive to proactive management

When machinery becomes software-enabled

As automation and robotics increase, machinery risk evolves alongside capability.

Modern agricultural equipment increasingly incorporates embedded software, remote diagnostics and proprietary systems. Repairs may require specialist technicians or imported components, particularly in regional or remote areas. Increasingly, machinery is not just mechanical; it is data- enabled, connected, and integrated with farm management platforms, meaning a failure is no longer isolated.

“It always comes back to understanding your pain points, and choosing solutions to help address and fix those problems.”

Ammon Mackie, General Manager of Commercial Business Transformation at Allianz Australia, says that brings a new dimension to labour challenges.

“With that comes retraining and understanding new exposures,” Mackie adds.

A mechanical issue that was once resolved locally may now involve system resets or manufacturer intervention, with different repair timelines – impacting on the business. For brokers, reviewing business interruption assumptions in light of this shift becomes increasingly relevant. Digital supply chains and ecosystem exposure The risk landscape does not stop at the farm gate, and the increasing implementation of AI and tech introduces a whole new set of risks, too – particularly from third-parties. “It’s no longer just the risk of your farm,” Twiggs says. “It’s the risk of all your suppliers as well. If they have a cyber attack and have to shut down production, you’re impacted.” High-profile cyber incidents in food processing have already demonstrated how disruption can cascade across supply chains. All of this means that, today, resilience is no longer limited to physical assets. It extends to digital systems, third-party providers, and supply chain continuity.

One of the most significant shifts AI enables is the move from reactive to proactive farm management.

Livestock can be tagged and monitored for temperature and health metrics in real time. Drone imagery and soil analysis allow crop conditions to be assessed continuously rather than periodically. Twiggs says that connected devices are increasingly changing how farms monitor operations. “It’s about being able to pick things up earlier and put proactive measures in place, rather than waiting until you physically see the issue and then acting,” she explains. The upside is clear. Early detection can help improve yield outcomes, optimise inputs and support better planning. Yet, as farms become more connected, operational reliance on digital systems deepens – and while the shift to continuous monitoring introduces efficiency, it also creates dependency.

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