Expert identifies challenges facing the Australian insurance broking industry

Insurance Business Australia (IB) recently revealed the best insurance brokerages in Australia for 2023 as part of the Top Brokerages 2023 special report. As part of the editorial process, IB researchers interviewed industry experts to analyse the report’s findings.

In an interview with IB, Tremayne West, managing director of Australian Broker Network, identified the most common challenges facing insurance brokerages across Australia today:

• insurer appetite changes and pricing increases;
• rise in client cover and claim payment expectations;
• insurers denying claims where previously they paid;
• more compliance requirements;
• rising costs of business;
• remuneration disclosure to retail clients; and
• cyberattacks.

Impact of market changes

Commenting on West’s insights, Community Broker Network CEO Richard Crawford said the changes in risk, appetite, and capacity made it more challenging for businesses to place the risks of their customers within Australia.

“The regulations and the codes of practice have changed, and that’s forcing people to change the way they operate and consider their own businesses,” Crawford said.

See more expert insights and the rest of the list of winners by reading the IB Top Brokerages 2023 special report.