NIBA / Special Feature
Brokers’ Share of the Australian Insurance Sector In the 2024-25 financial year, Australia’s insurance sector generated $134bn Gross Written Premiums (GWP) across private, health, life and general insurance – with the latter accounting for more than half of total GWP’s ($77.9bn). Of that figure, $35.6bn is placed through brokers – meaning brokers influence 46% of all general insurance premiums in Australia. And those intermediated premiums are growing faster than the overall general insurance market from 2015-2025, with intermediated GWP growing at a compound annual growth rate (CAGR) of 6.1%, compared with the overall general insurance market growth at a CAGR of 5.7%. Over the past 10 years, that dollar figure has grown considerably. In 2015, GWP was $42.2bn, with brokers writing $18.6bn. The key observation here is that brokers are increasingly influential in the Australian insurance landscape.
and challenging risk environment, SMEs are increasingly turning to brokers for confidence, certainty, transparency and advocacy.” SMEs are critical to Australia’s confidence and resilience, and in helping support those businesses, insurance brokers are playing a crucial role in our country’s economic performance. Creating Careers An essential aspect of a strongly performing country is good employment – and the insurance profession, together with the wider financial services sector, employs a significant number of people. Within the wider financial broking sector of more than 50,000 people in Australia, 11,600 are insurance brokers, with NIBA’s own membership standing at more than 14,000 brokers and authorised representatives. As a workforce, insurance is a skilled and diverse one, with a median age of 44, and 47% female – a significantly higher
The opportunity ahead is to be increasingly influential in an ever-more complex world. Driving Economic Confidence The research found that SMEs account for 44% of Australian insurance brokers’ clientele, and 84% of SMEs use brokers. Given that 99.8% of Australia’s 2.66m businesses are SMEs 1 , that’s a significant number of businesses across the country trusting insurance brokers to support and help protect their businesses. SMEs are the backbone of the Australian economy, and brokers are playing a pivotal role in helping them mitigate risk, enabling economic confidence. “Good brokers today are trusted advisers, risk navigators and strategic partners,” says Richard Klipin, CEO of NIBA. “The rising complexity of risk in a quickly evolving world has provided opportunity for brokers, and helped fuel a steady increase in demand. In a fragmented
46% of brokers operate international
46% of all general insurance GWP is written through brokers
44% of brokers clients are SMEs
84% 84% of SMEs use brokers
The intermediated general insurance market is worth $35.6bn
1 https://www.asbfeo.gov.au/small-business-data-portal/number-small-businesses-australia
1 https://www.asbfeo.gov.au/small-business-data-portal/number-small-businesses-australia
66 / INSURANCE ADVISER DECEMBER 2025
Made with FlippingBook Digital Publishing Software