Brokers' pick Australia's top insurance companies of 2024

Brokers in Australia are adjusting their priorities regarding insurance companies amid shifting market trends and consumer needs. Despite these changes, trust and reliability in insurer partnerships remains crucial.

Now, Insurance Business Australia (IB) has released its 2024 Brokers on Insurers special report, in which the broking community evaluated 12 major insurers using 11 key performance metrics.

The top three insurers overall and the leaders in each category received gold, silver, and bronze awards, highlighting brokers’ changing priorities:

• Communication, training, and development emerged as the top priority, up from ninth place in 2023.
• Turnaround times for new business and claims rose in importance, ranking second and fifth, respectively.
• Product range and innovation tied for third place, reflecting increased interest in addressing emerging client needs and niche markets.

Selection process for IB’s 2024 Brokers on Insurers awards

Brokers from across Australia participated in the survey, rating insurers they had worked with over the past 12 months. Each of the 12 insurers was assessed on a scale of 1 (poor) to 5 (very good) across 11 categories.

The average scores determined the rankings, with the top three in each category receiving gold, silver, or bronze medals. The overall Insurer of the Year was based on combined average scores from all categories.

Best insurance companies in Australia in 2024, according to brokers

Berkley Insurance Australia

Berkley Insurance Australia (BIA) specialises in general insurance services tailored to various sectors.

Operating with the motto “local teams supporting local brokers,” BIA ensures timely responses to quotes, risk submissions, and claims. Its accolades include NIBA General Insurer of the Year in 2020 and Insurer of the Year for Insurance Advisernet in 2022 and 2023. It has also been awarded by Insurance Business Brokers on Insurers from 2021 to 2024.

Vero

Vero provides a comprehensive range of commercial insurance products, catering to businesses of all sizes.

Its offerings include SME package insurance, surety bonds, commercial motor insurance, professional liability and indemnity insurance, motor fleet insurance, commercial property insurance, equipment breakdown insurance, and workers’ compensation through GIO.

Vero’s products are distributed exclusively through brokers and authorised agents. The company is known for its “insurance with insight” approach, award-winning claims service, and robust local network of business development managers, underwriters, and risk engineers. Additionally, it offers education programs to support brokers.

See the rest of this year’s list of outstanding insurance companies across Australia by reading the IB 2024 Brokers on Insurers special report.