As Australia enters a new financial year with the economy in better shape than expected, risk factors in most insurance covers have ramped up significantly, putting ongoing pressure on businesses to anticipate and demonstrate strong risk management.

In this H1 2021 edition of our bi-annual Business Insurance & Risk Market Update we look at the key trends and considerations affecting insurance and access to risk solutions.

The update provides our experts' insights on factors influencing insurance market conditions in key areas of

  • local and offshore capacity — how Gallagher networks help enable access to placement
  • claims — the new normal includes increased incidence of previously rare events
  • managing premium costs — especially in regard to property risks and mitigating premium increases
  • regional growth — how following the tree change trend can reduce operational risks
  • employee wellbeing — how reducing your people's financial stress can increase productivity.

DOWNLOAD THE REPORT

Industry sectors in detail

We also take a look at the key issues in these areas of insurance and specialism

  • cyber — the impact of escalating cyber security threats on availability and scope of insurance cover
  • waste and recycling businesses — the importance of differentiating your risks to insurers, and growing focus on climate risks with pollution liability cover
  • marine — implications around the Ever Given ship blockage in the Suez Canal grounding transit in the critical global trade route
  • construction — signs of cautious optimism in availability of cover.

How this report can help businesses face the future with confidence

Experts within the Gallagher network offer perspectives on critical trends and changes shaping the insurance and business landscape to help inform business risk strategies and practices.

Working with Gallagher provides access to industry experts who can assist your business in formulating the risk and insurance solutions that achieve optimum protection amidst navigating complex market conditions.

Disclaimer

Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient's industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers' control.

Gallagher publications may contain links to non-Gallagher websites that are created and controlled by other organisations. We claim no responsibility for the content of any linked website, or any link contained therein. The inclusion of any link does not imply endorsement by Gallagher, as we have no responsibility for information referenced in material owned and controlled by other parties. Gallagher strongly encourages you to review any separate terms of use and privacy policies governing use of these third party websites and resources.

Insurance brokerage and related services to be provided by Arthur J. Gallagher & Co (Aus) Limited (ABN 34 005 543 920). Australian Financial Services License (AFSL) No. 238312.