What Insurance Brokers Do
An insurance broker analyses a client's risk exposure and sources appropriate insurance solutions from a panel of insurers. Their services typically include:
How an Insurance Broker Can Help
Engaging an insurance broker may assist in several ways:
Regulatory Framework
Insurance brokers must operate under an Australian Financial Services Licence (AFSL) or as an authorised representative of a licensee. They must meet ASIC Regulatory Guide 146 (RG 146) training and competency standards, maintain financial solvency, and comply with the Corporations Act 2001. From July 2025, new informed consent obligations require brokers to disclose commission rates and obtain documented client consent before receiving commissions from insurers.
Key Regulatory & Oversight Bodies
Australian Securities and Investments Commission
ASIC regulates insurance brokers under the Corporations Act 2001. Brokers must operate under an AFSL and comply with training standards (RG 146), disclosure obligations, and informed consent requirements for commissions.
Australian Financial Complaints Authority
AFCA handles complaints about insurance brokers and insurers. It provides free, independent dispute resolution for consumers and small businesses.
Key Qualifications & Requirements
Why You May Need to Consider a Insurance Broker
There are a number of life events and circumstances where engaging a insurance broker may be worth considering. The following are common scenarios — this is not an exhaustive list and is provided for general information only.
Starting or growing a business
Business insurance needs can be complex — public liability, professional indemnity, workers' compensation, and business interruption cover may all be required.
Purchasing property
Home and contents insurance, landlord insurance, and strata cover involve significant policy variations across insurers.
Reviewing existing coverage
Circumstances change — an annual review with a broker can identify gaps or opportunities to reduce premiums without sacrificing protection.
Complex risk profiles
Businesses with unusual risks (e.g., cyber exposure, event liability, professional services) benefit from specialist broker knowledge.
After a claim
A broker can advocate during the claims process and help navigate disputes with insurers.
Where to Find an Insurance Broker
Locate a licensed insurance broker through these channels:
Related Verticals
Financial and professional services are interconnected. Depending on the situation, it may be worth exploring these related service areas:
Important Notice & Disclaimer
The information above is general in nature and does not take into account individual objectives, financial situations, or needs. It is not personal financial advice or a recommendation of any particular insurance product. Before making insurance decisions, consider whether the information is appropriate for the circumstances and consider obtaining advice from a licensed insurance broker.
The final decision about engaging any professional service provider rests with you. MyMoney® Marketplace facilitates connections between consumers and verified service providers — it does not provide personal advice or endorse any individual provider.
General advice only — does not take into account your personal objectives, financial situation or needs. Consider whether the information is appropriate before acting on it.
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