Its 2025–26 Annual Report, published last week, shows how the Committee held brokers accountable for serious failures, exposed weaknesses in broker–agent arrangements and tackled persistent problems with insurance renewals.

During the year, the IBCCC made 17 formal findings that brokers had breached the Code and imposed six sanctions — its highest number to date.

A review of seven brokers also found weaknesses in how they managed agents and representatives, including conflicts of interest, disclosure and oversight. The Committee made nine breach determinations and imposed one sanction as a result.

Chair of the IBCCC, Oscar Shub, said formal action was important because it required brokers to address problems, not simply acknowledge that a breach had occurred.

“The numbers are not the achievement in themselves,” Mr Shub said.

“What matters is that brokers confront failures, remedy problems and strengthen their practices. Holding brokers accountable gives substance to the commitments they make to their clients under the Code.”

The Committee also targeted renewal practices, which remained the largest source of reported Code breaches and accounted for almost half of all breaches in 2025.

After reviewing the practices of 29 brokers, the IBCCC published guidance showing how earlier planning, closer oversight and clearer communication can reduce last-minute pressure, give clients more time to consider their options and reduce the risk of gaps in cover.

“Renewals are a persistent problem, but they are also an area where brokers can take practical steps to reduce the risk to clients,” Mr Shub said.

“Starting early, tracking progress and communicating clearly gives clients more time to understand their options and make informed decisions instead of dealing with important insurance decisions at the last minute.”

The IBCCC also used industry data to sharpen its monitoring and help brokers assess their own performance. Brokers reported 5,417 Code breaches affecting 14,824 clients, with a reported financial impact of $5.848 million. The Committee’s analysis reinforced renewals and communication as recurring areas of concern and helped shape where it focused its work.

“Industry data helps us see where problems are recurring and where the Committee needs to look more closely. It also helps brokers compare their own performance and identify weaknesses before they become bigger problems for clients,” Mr Shub said.

The IBCCC also used what it learned from monitoring the current Code to push for stronger client protections in the revised Insurance Brokers Code, including in areas such as conflicts of interest, vulnerability, renewals and remuneration disclosure.

In 2026–27, the Committee will focus on helping brokers implement the revised Code while continuing its work on conflicts of interest and better client communication practices.

Read the IBCCC Annual Report 2025-26

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In its 2025 Annual Data Report published today, the IBCCC shows that late or missed renewal engagement continues to be a major issue for brokers, with the potential to affect clients when they are making important decisions about their insurance cover.

Chair of the IBCCC Oscar Shub said renewal was a critical point in the broker-client relationship.

“Clients need enough time before renewal to consider their options, understand any changes to their cover and make informed decisions about the protection they need,” Mr Shub said.

“When renewal processes are not working properly, clients can be left with uncertainty, reduced choice and, in some cases, real exposure to risk.”

The report also highlights the importance of clear communication, particularly in making sure clients understand the advice they receive.

The Committee said effective communication is not just about sending information on time. Brokers also need to be able to show that advice has been clearly explained, including costs, risks, benefits, exclusions and changes to cover.

“Clear advice is central to good broking practice,” Mr Shub said.

“It is not enough for information to be provided. Clients need to understand the advice they are receiving, the role their broker is playing and what the recommended cover means for them.”

The report found 5,417 breaches of the Insurance Brokers Code of Practice were reported for 2025, affecting 14,842 clients. It also found 3,133 complaints were reported, an increase from the previous year.

The Committee said reporting remains an important focus, particularly where brokers report no breaches or complaints.

While some brokers may have strong compliance records, the IBCCC said reporting zero should not be seen as proof of perfect compliance. Brokers need systems that can identify, assess, escalate and report issues when they arise.

“Good compliance is not shown by simply reporting nothing,” Mr Shub said.

“Brokers should have systems that actively identify issues, including minor process failures, delayed communications and incomplete documentation. Self-identifying and addressing problems is a sign of a more mature compliance framework.”

The IBCCC said the report should prompt brokers to review the everyday practices that support good client outcomes, including renewal workflows, communication standards, complaint handling and breach reporting.

The Committee will continue to monitor these issues and engage with brokers where it has concerns about the effectiveness of their compliance frameworks.

Read the 2025 Annual Data Report.

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