NIBA / Special Feature
“When you add into that mix the number of SMEs that are actively trying to grow thanks to the confidence and assurance given to them by their broker, you can start to truly see the ripple effect that strong, strategic risk advice brings.”
Brokers Increasingly Essential to Australia’s Prosperity
NIBA's upcoming research provides clarity to a notion that the profession at large has long advocated – brokers play a pivotal role in Australia’s economic development and success. Not only do brokers support the businesses that employ Australians, but they also help SMEs survive and grow. They explore, understand and navigate complexity to enable clients to make informed decisions that are going to help their businesses survive, grow and thrive in the coming years. Brokers also play a key role in shielding our economy from the threats that continue to grow and impact our every day – climate risks, cyber threats and economic shocks, influencing almost half of the general insurance market. “At NIBA, we’ve talked for a long time about the need for brokers to evolve into strategic risk advisers, and the benefits and impact of that are seen through the results of this research,” says Klipin. “That strategic advice, and in-depth understanding of risk, is going to become increasingly important as businesses face an increasingly complex and volatile risk environment. “In our groundbreaking Ready or Reacting? report, brokers identified the disruptive factors that are going to impact their businesses, and the industry as a whole, over the coming decade. Together with the findings from our upcoming research, brokers can chart their path to growth – and at NIBA we’re committed to supporting that growth and to collectively help brokers play an even more important role in Australia’s economic development over the next 10 years.”
ratio than many other financial services segments. The part-time workforce of 27%, meanwhile, demonstrates the flexibility and career sustainability, which is increasingly important. A Broker Ecosystem that Together Drives Change Australia’s broking landscape is incredibly diverse with 622 intermediaries placing business with APRA-authorised insurance as of June 2025. Our broker network includes: • National networks such as Steadfast, Envest and AUB. • Global risk leaders including Marsh, Aon, WTW and Lockton. • Hundreds of independent brokers across the country. “This ecosystem drives innovation, ensures clients have choice, and provides a strong representation across the whole country,” says Klipin.
meaning that international expertise and perspective is also valuable in informing strategic risk advice, to complement local knowledge and expertise.” A Profession Primed for Growth Our first report, Ready or Reacting? , published earlier this year, outlined the key challenges and opportunities for brokers in Australia, and explored how ready they were to manage those challenges. With that context, upcoming research found that 85% of brokerages are reporting actively seeking growth – demonstrating that, far from being overwhelmed by those challenges, they are keen to take advantage of the opportunities they present. “Our research illustrates not only the valuable contribution insurance brokers currently directly make to the economy, but indirectly, too,” says Klipin.
“Our research shows that almost half of brokers do business internationally too,
“It’s exceptionally pleasing to see 85% of brokerages are actively trying to grow.
68 / INSURANCE ADVISER DECEMBER 2025
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