Despite significant strides forward, more breach reporting progress is needed, according to the Insurance Brokers Code Compliance Committee’s (IBCCC’s) 2023/24 report card.

The Insurance Brokers Code Compliance Committee’s (IBCCC’s) independent chair Oscar Shub says the National Insurance Brokers Association of Australia (NIBA) code’s first full financial year of operation saw positive developments in brokers’ breach reporting accuracy and effectiveness.

He attributes this progress to industry collaboration, education and guidance, but says reporting challenges remain, including under-reporting by some brokers.

Shub reveals that some brokers may provide less information about a breach than they have discovered. “They may give you some kind of potted summary, perhaps in order to avoid highlighting a terrible fault made by themselves,” he says.

The 438 brokers monitored for the IBCCC report declared a record 4,624 breaches and 2,544 complaints.

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