NIBA / Special Feature
The impact brokers have on the Australian landscape
Australia’s insurance market is vast, complex and deeply embedded in the functioning of the national economy. In total, it is valued at $134bn, with general insurance accounting for $77.9bn – and almost half of that general insurance market is intermediated. And that should come as no real surprise, as brokers are central to how insurance is not only distributed but also understood across the Australian business landscape. NIBA’s new insights report, Unlocking the Risk Landscape: Insights into General Insurance Broking in Australia, in partnership with Allianz Australia, details the importance of the broking profession in powering the Australian economy and the broader financial ecosystem. It's a snapshot in time that shows how Australia's insurance sector compares to other countries.
they don’t know what they don’t know. In a world that’s changing quickly, the reassurance and value a broker can offer is incredible.” As well as considering the impact on individual clients, it’s important to acknowledge the wider role brokers play in the Australian economic landscape. SMEs are incredibly important to the Australian economy and ensuring they have the right safety nets in place is paramount for their sustainability and longevity. According to Deloitte research, 40% of clients were previously underinsured before working with a broker, highlighting the incredibly valuable wider contribution the industry makes – because, without
For businesses, it’s an increasingly complex market to operate in, with cyber security, climate risks and regulatory pressures making for an ever changing, ever more challenging risk environment. To help businesses deal with this complexity, brokers are increasingly important – with just 20% of SMEs not using brokers today, and SMEs accounting for 44% of broker clients. “One of the reasons that insurance brokers are increasingly valued is that businesses always need independent advice,” says David Leach, CEO of JAVLN. “People running businesses are time poor, and
those safety nets in place, those businesses could face significant challenges.
Australia ranks 11th for Gross Written Premiums across all insurance types in OECD countries.
Gross Written Premiums across Private Health, Life and General Insurance AU$134bn
Gross Written Premiums for General Insurance AU$77.9bn
Gross Written Premiums for the Intermediated General
Insurance Market AU$35.6bn
Key industry disrupters
SMEs are the cornerstone of broker clientele, accounting for 44% of clients
Technology and Automation
Regulatory Demands
New Risk Landscape
44 / INSURANCE ADVISER APRIL/MAY 2026
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