IBCCC Annual Data Report 2023-2024

The 2023-24 year marked the first full year of the 2022 Code, and the work of the Insurance Brokers Code of Compliance Committee has proven instrumental in refining breach reporting and data collection processes.

While the IBCCC has had a notable impact, particularly in enhancing brokers’ breach reporting accuracy and effectiveness, challenges remain.

A targeted engagement strategy has improved the quality of reporting by tailoring frameworks to meet the specific needs of brokers.

However, the IBCCC continues to see under-reporting from too many brokers and some continuing to report no breaches or complaints at all.

It is crucial that all brokers, regardless of size, review their compliance and reporting frameworks to ensure data integrity.

Codes of Practice must be progressive and continue to raise industry standards. The IBCCC eagerly anticipate the review of the Code, focusing on a push for important obligations regarding remuneration disclosure to be reinstated.

It is expected that consultation with a range of stakeholders throughout the process will highlight the benefits of transparent disclosures, uplifting industry professionalism and client protection.

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