Farm Insurance Australia :: News
SHARE

Share this news item!

Brokers Tackle Compliance Surge Amid New Regulations

Brokers Tackle Compliance Surge Amid New Regulations

Brokers Tackle Compliance Surge Amid New Regulations?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The National Insurance Brokers Association (NIBA) has reaffirmed its members’ dedication to adhering to their code of practice commitments in response to a notable surge in reported breaches.
This development follows the committee’s latest call for enhanced compliance and reporting standards.

According to insuranceNEWS.com.au, the association contends that the recent uptick in breaches was expected as a result of numerous new obligations embedded within the revised 2022 code. According to NIBA, this demonstrates an industry adjusting to more rigorous expectations.

Yesterday, the Insurance Brokers Code Compliance Committee (IBCCC) released its annual data report, highlighting an increase in breaches. Specifically, 63.4% of insurance brokers reported breaches in the preceding year, up from 55.2% in 2022. The total number of breaches escalated by 36% to 4642, impacting 794,000 clients as opposed to 412,081 the prior year.

A particular area of concern flagged by the committee was remuneration disclosure, with 106 breaches reported compared to just 23 cases a year earlier.

"The data in our report should be seen as a wake-up call," said committee chair Oscar Shub. "Brokers must emphasize robust compliance and reporting procedures to enhance service quality and maintain client trust."

On the rising remuneration breaches, Mr. Shub added, "This significant increase signals that brokers must improve their practices."

NIBA has expressed encouragement over the growing trend of brokers reporting their breaches. The body noted a more than 26% increase in the number of subscribers self-reporting since 2020.

"Given the considerable number of new obligations introduced with the revised code, an increase in reported breaches was anticipated," NIBA explained. "The data from the IBCCC shows that the profession is actively considering and adapting to higher standards, aiming to better fulfill client needs."

While NIBA acknowledges ongoing needs for improvement, it plans to collaborate with subscribers and the IBCCC over the coming year to foster greater transparency and enhance compliance reporting habits.

Providing a contrastive perspective, Insurance Advisernet MD Shaun Standfield expressed disappointment in the IBCCC’s critical stance on compliance outcomes. He noted, “The committee should recognize our efforts in promoting breach awareness and reporting. It’s disheartening to receive mixed signals when we've almost tripled reportable breaches over three years."

Mr. Standfield cautioned that such criticism might dissuade brokers from reporting breaches faithfully. "We do not want our advisers to backtrack on reporting for fear of negative commentary from the IBCCC. Despite the surge in reported breaches, brokers work diligently to serve their clients every day," he concluded.

Published:Saturday, 28th Sep 2024
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Insurance News

Cover-More and Aon Forge New Travel Insurance Partnership in Australia
Cover-More and Aon Forge New Travel Insurance Partnership in Australia
29 Apr 2026: Paige Estritori
In a significant development for the Australian travel insurance market, Cover-More, a subsidiary of Zurich's Cover-More Group, has entered into a strategic partnership with global brokerage firm Aon. This collaboration designates Cover-More as the exclusive provider of travel insurance products to Aon's Australian retail customers and employees. - read more
ATIA Intensifies Efforts to Secure Permanent Travel Insurance Sales Rights
ATIA Intensifies Efforts to Secure Permanent Travel Insurance Sales Rights
29 Apr 2026: Paige Estritori
The Australian Travel Industry Association (ATIA) is actively campaigning to secure the permanent right for travel agents, tour operators, and accredited travel businesses to sell travel insurance at the time of booking. This initiative follows an exemption granted in 2021, which is set to expire in October 2026. - read more
SCTI Highlights Increase in Domestic Travel Insurance Claims and Coverage Gaps
SCTI Highlights Increase in Domestic Travel Insurance Claims and Coverage Gaps
29 Apr 2026: Paige Estritori
Southern Cross Travel Insurance (SCTI) has reported a significant increase in domestic travel insurance claims, shedding light on the existing coverage gaps among Australian travellers. In the first eight and a half months of 2025, SCTI settled over $240,000 in claims related to local and interstate trips. - read more
Navigating Premium Affordability and Cybersecurity: Key Challenges for Australian Insurers in 2026
Navigating Premium Affordability and Cybersecurity: Key Challenges for Australian Insurers in 2026
29 Apr 2026: Paige Estritori
In 2026, Australian insurers are grappling with significant challenges, notably premium affordability and cybersecurity threats. Gallagher Bassett's annual industry survey sheds light on these pressing issues, revealing a shift in insurer priorities amid evolving market dynamics. - read more
Australian Commercial Insurance Rates Experience Significant Decline in Q1 2026
Australian Commercial Insurance Rates Experience Significant Decline in Q1 2026
29 Apr 2026: Paige Estritori
The Australian commercial insurance sector has witnessed a notable 12% decline in rates during the first quarter of 2026, as reported by Marsh's Global Insurance Market Index. This marks the seventh consecutive quarter of rate reductions, reflecting a sustained trend in the market. - read more
Australian Insurers Achieve $5.2 Billion Profit in 2025 Despite Weather-Related Losses
Australian Insurers Achieve $5.2 Billion Profit in 2025 Despite Weather-Related Losses
29 Apr 2026: Paige Estritori
In 2025, the Australian general insurance industry demonstrated resilience by achieving a profit after tax of $5.2 billion, according to KPMG's annual review. This solid performance comes despite a decrease from the $6.2 billion profit recorded in 2024, primarily due to multiple weather events impacting the sector. - read more
Ocean Underwriting Introduces Tailored Liability Solutions for High-Risk Occupations
Ocean Underwriting Introduces Tailored Liability Solutions for High-Risk Occupations
29 Apr 2026: Paige Estritori
Ocean Underwriting has unveiled a new facility designed to support complex or hard-to-place liability risks, particularly targeting higher-hazard occupations with unique exposures. This initiative aims to provide tailored insurance solutions that address the specific needs of businesses operating in challenging sectors. - read more
Surge in Professional Indemnity Claims Hits Financial Services Sector
Surge in Professional Indemnity Claims Hits Financial Services Sector
29 Apr 2026: Paige Estritori
The financial services industry is currently experiencing a significant uptick in professional indemnity (PI) claims, a trend largely attributed to heightened regulatory scrutiny and enforcement actions by the Australian Securities and Investments Commission (ASIC). This development has substantial implications for financial professionals and their insurers. - read more
ICA Advocates for Overhaul of Civil Liability Laws Amid Rising Insurance Costs
ICA Advocates for Overhaul of Civil Liability Laws Amid Rising Insurance Costs
29 Apr 2026: Paige Estritori
The Insurance Council of Australia (ICA) has recently highlighted the pressing need for reforms to civil liability laws, citing outdated legislation, escalating legal costs, and bureaucratic red tape as primary contributors to the rising insurance expenses faced by small businesses across the nation. - read more
Significant Decline in Australian Commercial Insurance Rates in Early 2026
Significant Decline in Australian Commercial Insurance Rates in Early 2026
29 Apr 2026: Paige Estritori
In the first quarter of 2026, Australian commercial insurance rates experienced a notable decline of 12%, mirroring the decrease observed in the previous quarter. This trend, highlighted in Marsh's latest Global Insurance Market Index, underscores a period of sustained rate reductions in the Pacific region, predominantly led by Australia. - read more


Farm Insurance Articles

How to Protect Your Harvest: Tips for Choosing the Right Crop Insurance
How to Protect Your Harvest: Tips for Choosing the Right Crop Insurance
Farming, at its core, is an enterprise fraught with uncertainty. Weather calamities, pests, diseases, and fluctuating market conditions can all impact the output and quality of produce. This is where crop insurance proves its worth, serving as a safety net for farmers against the myriad risks they face each season. - read more
How to Safeguard Your Farm: A Guide for Australian Farmers
How to Safeguard Your Farm: A Guide for Australian Farmers
Farming is inherently risky. With factors like weather, pests, and market fluctuations affecting crops, it's crucial to manage these risks effectively. - read more
Risk Management and Insurance Options for Farmers
Risk Management and Insurance Options for Farmers
Risk management is the practice of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events. In farming, risk management involves various strategies to protect the financial health and operational stability of the farm. - read more
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Building Resilience Against Natural Disasters: Practical Steps for Aussie Farmers
Australian farmers face an array of natural disasters that can threaten livelihoods and disrupt the delicate balance of agricultural ecosystems. From devastating bushfires and droughts to powerful storms and floods, these catastrophic events pose serious risks to the farming community. Understanding and preparing for these forces is not just about survival; it's about building a sustainable future for farms across the continent. - read more
A Farmer's Guide to Essential Farm Insurance Terminology
A Farmer's Guide to Essential Farm Insurance Terminology
Farming is a vital industry in Australia, requiring significant investment in equipment, crops, livestock, and labour. As with any major investment, protecting it is crucial. That's where farm insurance comes in. - read more
Common Pitfalls to Avoid When Insuring Your Farm Equipment
Common Pitfalls to Avoid When Insuring Your Farm Equipment
In the world of agriculture, having the right insurance coverage is essential. Farming is a high-risk industry that deals with unpredictable elements, and insuring your farm equipment can safeguard your livelihood. - read more
Customized Insurance Solutions: The Advantage of Specialized Farm Brokers
Customized Insurance Solutions: The Advantage of Specialized Farm Brokers
Farming in Australia is more than just a way of life; it is a critical sector that supports the nation’s economy and food supply. However, managing a farm comes with its own set of unique risks. From natural disasters to equipment failures, farmers face numerous challenges that can impact their livelihood. - read more
Farm Liability Insurance Costs vs. Benefits: Is It Worth It?
Farm Liability Insurance Costs vs. Benefits: Is It Worth It?
Farm liability insurance is a type of coverage that protects farmers from financial losses due to legal claims and lawsuits. This insurance is crucial for safeguarding your farm against various liabilities that may arise from farm operations. - read more
What Australian Farmers Should Know About Crop Insurance
What Australian Farmers Should Know About Crop Insurance
Crop insurance is a type of insurance policy designed to protect farmers from the financial losses that arise from damages to their crops. This could be due to various risks, including adverse weather conditions, pests, and diseases. - read more
Protecting Your Herd: The Aussie Farmer's Guide to Livestock Insurance
Protecting Your Herd: The Aussie Farmer's Guide to Livestock Insurance
For Australian farmers, livestock is more than just a vital asset; it's the heartbeat of their livelihood. In a land where the sunburnt plains are as relentless as they are beautiful, protecting your herd isn't just a duty; it's a necessity. That's where livestock insurance comes into play—a shield against the unpredictability of Mother Nature. - read more


Need a Quote?
Start your free farm insurance quote comparison here.
Farm Type:
Postcode:

All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.


Knowledgebase
Copayment:
A fixed amount you pay for a covered healthcare service, usually when you receive the service.