QBE Australia Pacific has outlined a new approach for distributing domestic householders’ insurance through brokers, effective from Oct. 1.
The insurer will discontinue offering householders’ insurance directly to brokers.
Instead, brokers will be able to arrange cover for clients via two specialist agencies:
The transition means all new householders’ business placed through brokers will be assessed under the respective agency’s underwriting criteria.
QBE will underwrite 100% of the Castle Insurance portfolio and take a 20% share in Sure Insurance’s regional Queensland and Norfolk Island book.
According to QBE, this model is intended to maintain underwriting capacity while benefiting from the operational focus of specialist agencies.
Lorelle Hillman, general manager, distribution at QBE, said the move is designed to ensure brokers and their clients continue to receive appropriate service and insurance solutions.
“By transitioning our broker-distributed householders’ portfolio to this specialist underwriting agency, we are ensuring brokers and customers continue to receive high-quality service and tailored solutions while we focus on areas where we can grow with scale and relevance,” she said.
Bradley Heath, managing director of Sure Insurance, noted the agency’s plans to expand its offering nationally.
“We are enormously excited to take the specialist Sure formula across Australia. We will provide brokers with exceptional service and support in the delivery of a focused and responsive householders insurance solution. Our dedicated and professional team is committed to supporting brokers with a seamless transition and a high-quality experience,” he said.
QBE confirmed that its relationships with brokers remain a priority and that the change reflects its strategy to focus on markets and products where it can deliver value.
The update does not impact QBE’s householders’ products available via direct channels, other underwriting agencies, or Elders Insurance.
The Farm Home product will also remain accessible through brokers and Elders Insurance.
Other insurance lines are unaffected by this change.
The changes to broker arrangements follow QBE Insurance Group’s report of continued premium growth in the first quarter of 2025 (Q1 2025).
For the period ending April 2025, QBE recorded an 8% rise in gross written premiums (GWP) on a constant currency basis.
This growth was attributed to both rate increases and higher underlying volumes, particularly in its International and North America divisions.
A US$100 million reduction from the run-off of non-core North American operations moderated overall growth.
When excluding the impact of non-core portfolios and crop insurance, the underlying growth rate remained at 8%.
QBE expects moderate GWP growth in its crop insurance segment for the remainder of the year, although net insurance revenue is forecast to remain stable due to increased reinsurance cessions to the US federal crop program.
