Nearly half of all general insurance written in Australia passed through brokers in the year to June 30, 2025, with $35.6 billion in gross written premiums handled via the intermediated channel out of a total market valued at $77.9 billion, according to new research published by the National Insurance Brokers Association (NIBA). The broker-placed segment grew at a compound annual rate of 6.1% over the prior decade – ahead of the wider general insurance market’s 5.7% CAGR across the same period.
The data is drawn from Data to Direction: Insights from the General Insurance Broking Profession, the third in a series of NIBA reports examining the broking sector. The report combines broker survey responses with Australian Prudential Regulation Authority (APRA) industry data and OECD benchmarks. It was produced in partnership with Allianz Australia, with research by CoreData. “This report completes a critical piece of the picture. We know the forces shaping our profession, and we know clients trust us to navigate them. Now we have the data to show just how comprehensive, capable, and growth-oriented this profession truly is,” NIBA CEO Richard Klipin said.
When measured across all three major segments – general insurance, private health, and life – the Australian insurance industry wrote $134 billion in GWP in FY25. General insurance, at $77.9 billion, accounted for the largest share of that combined figure. Within the intermediated channel, the market is heavily consolidated. The nine largest NIBA member firms together account for close to all intermediated GWP. Steadfast Group holds the leading position at 34%, with Marsh at 20% and Aon Risk Services at 13%. The market is split almost evenly between locally owned and international firms, at 52% and 48% respectively. As of June 2025, 622 intermediaries had placed business with APRA-authorised general insurers. NIBA’s 14,264 member brokers and authorised representatives collectively managed $34.11 billion of that intermediated volume – equivalent to 96% of the channel.
On an OECD basis, Australia placed 11th by total GWP across all insurance lines in 2023. The country’s combined finance and insurance sector contributed 7.5% of GDP – matching the construction sector’s share. The World Bank ranked Australia 13th globally by economic output in 2024, with total GDP of US$1.75 trillion.
SMEs form the core of the broker client base at 44% of the total. The report notes that four in five SMEs use a broker, suggesting deep market penetration in that segment. The remainder of the client mix comprises large corporates at 20%, individuals at 19.5%, not-for-profits at 9%, and public sector entities at 6%. Commercial lines make up the majority of policies placed, at 52%. Personal general insurance accounts for 24%, with specialty and niche products making up the balance at 22%. The data indicates that larger brokers – particularly those with their own AFSL, which applies to 78% of brokerages – tend to concentrate on commercial and specialty risks, including cyber, marine, and agricultural covers, rather than personal lines. Brokers operate across all Australian states, with the highest concentration of client activity in New South Wales, Victoria, and Queensland, each at or above 88%. Just under half of all brokers – 46% – also place business internationally.
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By location, New South Wales accounts for the largest share of brokers at 28%, followed by Victoria at 26% and Queensland at 22%. Western Australia represents 13% and South Australia 8%. The profession skews toward mid-career workers. The 40-49 age cohort is the largest at 31%, followed by 30-39 at 28%. Professionals aged 60 and over make up 11% of the workforce, while those under 30 account for an equal 11% – a figure the report links to limited entry pathways for early-career candidates.
The median age sits at 44. Women represent 47% of the broking workforce, and 27% of roles are filled on a part-time basis. Across the broader financial and insurance services sector, total employment stood at 552,900 as of August 2025, representing 3.8% of the national workforce. Academic credentials vary widely across the profession. Thirty-one percent of brokers hold a bachelor’s degree, 19% hold an advanced diploma or diploma, and 10% hold a Certificate III or IV. Postgraduate qualifications are held by 15%, while around 23% of respondents reported Year 12 or below as their highest level of education – reflecting the range of pathways into the profession.
Survey data indicates that 68% of brokers reported their business performed better over the past 12 months – either significantly or moderately – with medium-sized firms registering the strongest results. Looking at the year ahead, 79% of respondents said they expected conditions to improve further. When asked about their growth approach, 55% of respondents described their strategy as deliberate and planned, compared to 30% who characterised their approach as opportunistic. The report finds that strategically oriented brokers are more likely to pursue niche expertise and complex risk mandates, while those growing opportunistically tend to rely on consolidation activity.
International exposure appears to correlate with stronger performance. Brokers with clients outside Australia reported improvement at a rate of 79% over the past year, compared with 59% for those operating only in the domestic market. Just under half of all Australian brokers – 46% – currently serve clients internationally. The sector also faces ongoing structural shifts: global consolidation, private equity activity, and competition for experienced staff have all intensified over the period examined. The report notes that soft market conditions over the past 12 months have sharpened competition for both talent and clients.
NIBA president Nick Cook commented: “The data confirms what we see every day – brokers are trusted risk advisers, strategic partners, and advocates for their clients. This report shows the full scale of that contribution: a profession that is growing in sophistication, reach, and the value it delivers to businesses and communities across Australia.” Julie Mitchell, chief general manager, personal injury and commercial, Allianz Australia, added: “Allianz is proud to partner with NIBA on a report that gives the profession a clear, evidence-based view of its own scale and momentum. The alignment between what we bring in global risk solutions and what Australian brokers are navigating for their clients every day reinforces just how central the broking profession is in building resilience across businesses and communities.”
