Cynthia Yap, managing director of Dynamic Insurance Services, alleges the respondents engaged in conduct that misused market power and caused loss to her business. The allegations have not been proven in court.
“For the sake of smaller insurance brokerages, their authorised representatives and their clients, I believe it’s important that the industry remains fair and competitive, with genuine access to insurance products,” Yap told Insurance Business.
According to Yap, the proceedings raise concerns about whether smaller brokerages can continue to operate competitively if access to insurers becomes restricted. Yap said that while many large organisations publicly promote diversity, inclusion, women in leadership and support for small businesses, her legal action is intended to raise questions about whether industry practices align with those values.
She said she hopes the legal process will allow “the relevant facts and documents to be examined”.
Insurance Business reached out to the insurance firms involved. In response, Steadfast, QBE and Allianz all said they could not comment because the matter is before the courts.
