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Insurance Brokerage in Australia Industry Data and Analysis
The Insurance Brokerage industry has capitalised on rising insurance premiums. Severe natural disaster events like floods and bushfires have compelled insurers to spike premiums and incentivised consumers to avoid risks and seek out insurance brokers. Industry revenue is expected to grow at an annualised 6.0% over the five years through 2024-25 to $23.2 billion. This trend includes anticipated growth of 5.8% in the current year. Brokers have branched out with service offerings that are increasingly multi-faceted, expanding their risk consulting, advisory and insurance support services to maintain their share of insurance distribution. Some brokers have focused on more profitable markets like commercial clients, where the risk coverage is more complicated. As malicious parties grow more sophisticated, the lucrative cybersecurity market has become a primary concern for most companies, with data security and storage now paramount. This shift will continue as insurers' competition in the retail market intensifies.
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What's included in this industry analysis
IBISWorld's research coverage on the Insurance Brokerage industry in Australia includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released April 2025.
About this industry
What's this industry report about?
The Insurance Brokerage industry in Australia operates under the ANZSIC industry code K6420. The industry includes individuals and businesses that act primarily as agents or brokers in selling annuities and insurance policies. Industry brokers earn commission income, mostly as a percentage of the premium of insurance policies sold. The industry also includes providers earning fee income for risk management consulting and claim assessment and adjustment services. Related terms covered in the Insurance Brokerage industry in Australia include premium, broker, bancassurance, distribution network and insurtech.
What's included in this industry?
Products and services covered in Insurance Brokerage industry in Australia include Commercial general products, Private general products and Life insurance.
What companies are included in this industry?
Companies covered in the Insurance Brokerage industry in Australia include Steadfast, AUB and The Envest Group.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Insurance Brokerage industry in Australia.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Insurance Brokerage industry in Australia.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Insurance Brokerage industry in Australia.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Insurance Brokerage industry in Australia. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Insurance Brokerage industry in Australia. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Insurance Brokerage industry in Australia. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Insurance Brokerage industry in Australia. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Insurance Brokerage industry in Australia.
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Frequently Asked Questions
What is the market size of the Insurance Brokerage industry in Australia in 2026?
The market size of the Insurance Brokerage industry in Australia is $23.2bn in 2026.
How many businesses are there in the Insurance Brokerage industry in Australia in 2025?
There are 5,455 businesses in the Insurance Brokerage industry in Australia, which has declined at a CAGR of 0.9 % between 2020 and 2025.
How may import tariffs affect the Insurance Brokerage industry in Australia?
The Insurance Brokerage industry in Australia is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Insurance Brokerage industry in Australia?
The Insurance Brokerage industry in Australia is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Insurance Brokerage industry in Australia grown or declined over the past 5 years?
The market size of the Insurance Brokerage industry in Australia has been growing at a CAGR of 6.0 % between 2020 and 2025.
What is the forecast growth of the Insurance Brokerage industry in Australia over the next 5 years?
Over the next five years, the Insurance Brokerage industry in Australia is expected to grow.
What are the biggest companies in the Insurance Brokerage industry in Australia?
The biggest companies operating in the Insurance Brokerage industry in Australia are Steadfast, AUB and The Envest Group
What does the Insurance Brokerage industry in Australia include?
Commercial general products and Private general products are part of the Insurance Brokerage industry in Australia.
Which companies have the highest market share in the Insurance Brokerage industry in Australia?
The company holding the most market share in the Insurance Brokerage industry in Australia is Steadfast.
How competitive is the Insurance Brokerage industry in Australia?
The level of competition is high and increasing in the Insurance Brokerage industry in Australia.
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