The age profile of insurance brokers shows a spread across mid-career and senior workers, according to a report outlining features of the profession and its growing contribution to the industry.

Brokers aged 40-49 represent 31% of the cohort and 28% are aged 30-39, signalling a “deep bench of both emerging and experienced professionals driving the sector forward”, report co-author the National Insurance Brokers Association says.

People aged 50-59 account for 19% of the total, while those aged 60-plus make up 11%, suggesting many remain active in the space up to retirement. About 11% are in the 18-29 bracket, pointing to limited early-career pathways or delayed entry into the profession.

The age distribution implies many may be in a second- or later-stage career phase, and the median age of 44 “reinforces the notion of insurance as a mid-career profession”, the association says.

Female representation has reached 47% and part-time employment stands at 27%.

The report – Data to Direction: Insights from the General Insurance Broking Profession – is the third in a series released by NIBA.

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Australian general insurance gross written premium reached $77.9 billion last financial year, with $35.6 billion flowing through the intermediated broker market, which has grown at a compound annual rate of 6.1% over the past decade, slightly outpacing the wider sector.

The report says broking continues to face changing structural forces, with global consolidation, rising private equity investment and an intensifying war for talent, in which entire teams are being acquired.

“With market conditions having remained relatively soft over the past 12 months, competition for both talent and clients has sharpened significantly, placing strategic execution, differentiation and retention firmly at the centre of broker priorities.”

Business structure data shows 78% operate with their own financial services licences and 21% are authorised representatives, and the sector is dominated by a mix of local and global companies.

“This blend of local agility and global reach alongside a range of independent brokerages creates a competitive and resilient broking environment,” the report says.

Educational attainment among brokers is diverse, with a strong lean towards vocational and tertiary qualifications.

Bachelor degrees are held by 31% of respondents. People with a highest education level of year 12 or below represent 23%.

The report was produced in partnership with Allianz Australia and draws on insights from CoreData. See the paper here.