The National Insurance Brokers Association (NIBA) has welcomed the Tasmanian Government’s decision to establish a new insurance authority aimed at addressing affordability gaps, while flagging the need for national consistency in how brokers disclose their earnings.
In a statement released Monday, NIBA said it supported the creation of TasInsure – a government-owned, not-for-profit statutory authority set to work alongside insurers, brokers, and reinsurers to address gaps in insurance affordability and availability across the state. The body will include a dedicated risk pool for hard-to-place cover and engagement with the reinsurance market.
NIBA said it was pleased the government had consulted the insurance sector in shaping the model and noted that TasInsure was designed to complement, rather than replace, existing market participants and the broking profession already serving Tasmanians.
The association, which represents approximately 380 member firms and more than 14,000 individual brokers across Australia, said sustainable affordability could only be achieved by addressing the root causes of rising premiums. It identified ongoing investment in risk mitigation and the removal of insurance-based taxes, such as the Fire Services Levy, as essential measures. NIBA called on both the Tasmanian Government and TasInsure to prioritise those reforms.
The statement also highlighted a recommendation accompanying the TasInsure decision that would alter how insurance brokers are required to disclose their remuneration. NIBA acknowledged the proposal but argued the matter was already being addressed at a national level.
“The broking profession supports clear disclosure of how brokers are remunerated – it is exactly what the current review of the Insurance Brokers Code of Practice is addressing for the whole profession,” NIBA CEO Richard Klipin said.
NIBA said it looked forward to continued engagement with the Tasmanian Government and TasInsure as the model was developed further. The association said it remained focused on evidence-based solutions that would deliver lasting affordability outcomes for consumers while maintaining a competitive and resilient insurance market.
The announcement caps months of industry debate over the original TasInsure proposal. The Tasmanian Government had initially pitched TasInsure as a direct competitor to private insurers – a state-backed entity that would offer affordable products for families, small businesses, and communities. The original policy, the Liberals’ flagship pitch at the 2025 snap election, had promised families and small businesses savings of $250 a year.
