We are almost half-way through 2025. It’s been a significant year so far. Global headwinds, including natural disasters such as the LA fires and economic uncertainty due to the imposition of tariffs, have made this a challenging time for us. Closer to home, the impact of climate risks has resulted in major devastation through fires, floods, and cyclones. Amid this backdrop, there was a federal election, with Australians having their say about their future at the polling booth.
NIBA congratulates the Albanese Labor Government on its re-election and looks forward to continuing to work constructively with the Prime Minister, cabinet Ministers, and Members of Parliament from across the house in the new term of government.
As the voice of the insurance broking profession, NIBA remains committed to working collaboratively with the government to support a strong, fair, and sustainable general insurance market.
The role of the broking profession is critical in helping Australian families, businesses, and communities to manage risk and prosper, both, in good and tough times. When the world becomes more complex, the need for trusted advice becomes even more important to help navigate through that complexity. Brokers step in to play the important role of trusted advisors.
Over the past six months, NIBA has stepped up its engagement with key political stakeholders on a federal and state level. This engagement has underscored the importance of the broking profession in shaping Australia’s financial services landscape.
Some of the key issues we have been advocating for are insurance affordability and accessibility challenges, greater investment in disaster mitigation, the critical role of insurance in supporting community recovery, strata sector reforms, and challenges around workers’ compensation and public liability insurance.
On a state level, NIBA engaged with the NSW Minister for Fair Trading, the Hon. Anoulack Chanthivong MP, NSW Fair Trading Commissioner Natasha Mann, NSW Shadow Minister of Small Business, Fair Trading, Work Health and Safety and Building, Tim James MP, and the Hon. Sophie Cotsis MP, NSW Minister for Industrial Relations, Work Health and Safety. NIBA appeared before the Senate Committee inquiry into insurance costs in the ACT, which focused on issues affecting the availability and affordability of insurance for small to medium-sized businesses.
Federally, NIBA engaged with the Shadow Minister for Financial Services, the Hon. Luke Howarth MP and the Hon. Josh Wilson MP, the Assistant Minister for Climate Change and Energy. We hosted a Federal Election Breakfast, which was an invaluable opportunity for our members to engage directly with key decision-makers and political experts, including the retiring Minister for Financial Services, the Hon. Stephen Jones MP, Independent Member for Warringah Zali Steggall OAM MP, NSW Liberal Senator Andrew Bragg, the Hon. Mick Veitch and Leigh Moran.
NIBA has maintained an ongoing dialogue with a number of government agencies and regulatory stakeholders. Some of the highlights include engaging with the Australian Securities and Investments Commission (ASIC) and the Australian Financial Complaints Authority (AFCA), as well as state agencies such as icare, the NSW State Insurance Regulatory Authority (SIRA), NSW Fair Trading, and WorkCover WA to discuss member concerns and regulatory developments.
NIBA attended and participated in the 2025 World Council of the World Federation of Insurance Intermediaries (WFII) held in Washington DC. This gathering was an important catalyst in bringing back learnings about how insurance leaders globally are addressing these challenges in their jurisdictions.
We learned that the challenges in the insurance sector across the globe are similar, with some of the major concerns being challenges of insurance accessibility and affordability, impact of natural catastrophes, a growing protection gap, bringing new talent into the sector, and growing regulatory burden – the cost to consumers weighed up against the benefit of it.
In a rapidly evolving risk landscape, we must learn from international best practices to address key insurance challenges. By fostering increased collaboration with our international counterparts, we can help advocate for policies that strengthen the role of brokers and ensure better outcomes for Australian consumers.
While advocacy is important, accountability is as well. Professional accountability and holding ourselves to a high standard will play a key role in how the profession is perceived by those looking to enter the industry.
That’s why we are undertaking a review of the Insurance Brokers Code of Practice.
The review has progressed to the next phase, with strong engagement from brokers, regulators, and key stakeholders helping to shape the future direction of the Code. NIBA would like to thank all those who have contributed to the review. The insights gathered are invaluable in ensuring that the Code continues to reflect the professionalism of the broking community and supports a strong, transparent, and client-focused profession.
Brokers represent their communities across Australia. NIBA believes in bringing together brokers no matter where they are located. Over the past year, we have hosted a range of events for our members across the country, from Adelaide, Sydney, Brisbane and Perth to Canberra, Wollongong, Newcastle, Hobart and Townsville. This is part of NIBA’s commitment to ensure brokers from all corners of Australia, whether metropolitan or regional areas have a strong voice, opportunities for connection, and access to industry-leading insights.
Looking ahead, the rest of the year remains busy. We look forward to engaging with the new government and the new Minister for Financial Services. We’re also knee-deep in planning for a raft of state-based and national initiatives, including our Gala Lunch Series in July and our national Convention in October.
Considering the level of uncertainty and unrest that’s prevalent globally right now, I am glad to be part of a lucky country that believes in democratic values, upholding certainty and clarity in these challenging times.
As custodians and stakeholders of this country’s economic landscape, NIBA looks forward to continuing to engage with key stakeholders across government, regulators and the industry to ensure we keep delivering the best outcomes for our sector and Australian consumers.
