H1 2021 Business Insurance & Risk Market Update: June report overview
Published 11 June 2021
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.
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.