It is in the interests of all stakeholders, including insurers, brokers and insureds:
Through meeting the above objectives, UAC will affirm and sustain its membership’s position at the forefront of the Australian insurance industry.
UAC’s regulatory role
UAC and its members take seriously their role in the general insurance industry and are proud of the contribution they have made to the industry.
UAC develops cohesive strategies for continued growth and development of underwriting agencies, thereby ensuring they remain valuable contributors to the general insurance industry.
UAC’s professional services and underwriting facilities
UAC is a professional organisation representing Australian underwriting agency members.
Underwriting agencies provide insurance products and services to brokers and customers. Their function is similar to that of an insurer’s operating division. Within a class of insurance business, there are types of risks that require particular, specialist skills and expertise.
Underwriting agencies specialise in underwriting these risks.
Using the skills and experience of an underwriting agency allows an insurer to underwrite a product or service without the need for its own staff, offices or many other resources or facilities.
Insurers represented by UAC members have given underwriting authority for certain standard or speciality products or services to members, subject to agreed terms and practices.
Underwriting agencies are committed to generating consistent profits to the companies that entrust them with underwriting resources.
Underwriting agencies are established in many countries and, as in Australia, exist to provide diverse insurance products and services to brokers.
Underwriting agencies provide other services to brokers, such as full underwriting, marketing, policy maintenance and claims management.
Underwriting agencies represent Australian insurers, some foreign organisations and markets such as Lloyd’s of London. This wide range of facilities, which includes markets brokers may not be able to readily access, is made available to professional insurance brokers throughout Australia.