History and purpose
NIBA is the peak body of the insurance broking profession in Australia and represents around 360 member firms and more than 2000 individual Qualified Practising Insurance Brokers (QPIBs) throughout Australia. In total NIBA represents an estimated 90% of all insurance brokers in Australia.
Since 1982 NIBA has been a driving force for change in the Australian insurance broking industry. It has supported financial services reforms, encouraged higher educational standards for insurance brokers through NIBA and other education providers, and introduced a strong, independently administered and monitored Insurance Brokers Code of Practice for members.
The member firms all hold an Australian financial services (AFS) licence, issued by the Australian Securities and Investments Commission (ASIC) under the Corporations Act, which enables them to deal in or advise on Risk Insurance products.
NIBA members include large multinational insurance brokers, large Australian-owned insurance brokers, and more than 300 small to medium sized insurance broker businesses located in the cities, towns and regions across Australia.
At international level, NIBA is a member of the Council of Asia Pacific Insurance Brokers Associations (CAPIBA) and the World Federation of Insurance Intermediaries (WFII).
NIBA’s core strategies
All NIBA activities fall under our four key pillars of representation; professionalism; community awareness; and member services.
NIBA strives to represent the interests of insurance brokers, on behalf of their clients (policyholders) to:
- Consumer Groups
…with integrity, and in a manner that is respected, credible and relevant. Further information on NIBA activities in this area can be found in the 'News, Media & Publications' section of the website.
- NIBA sets and promotes quality standards for insurance broking in Australia.
- We enhance and promote the professionalism and standing of brokers, and community confidence in brokers.
- We maintain and promote the Insurance Brokers Code of Practice, including effective Code compliance, internal and external dispute resolution.
- We provide members with opportunities to meet, share, learn, grow and prosper.
- We promote the role and value of insurance brokers to the community.
- We promote insurance broking as a desired profession.