In times when the insurance market is changing or subject to disruption it helps to have an industry insider covering your back. It also helps if you have to make a claim. Here’s how and why.
As noted in the most recent Gallagher Market Overview Report, under current conditions we are seeing premium and rate movement across lines of insurance that could affect your business. Along with reduced underwriting appetite, policy wordings may be subject to change at renewals time, removing cover from some types of risks.
You also need to balance your need for security and certainty with the cost of cover, and you probably need assistance with managing your premiums and selling your risk in a positive light to the underwriter to optimise your insurance spend.
In both cases the broker expertise demonstrated in our Market Overview Report provides additional value to the service we deliver to our business clients.
At Gallagher our brokers take the time to know your business, are experts in your industry sector and understand the risks you face. Your broker will explore the range of cover available and provide a selection of coverage, pricing and funding options that ensure your business is protected.
As part of our service, your broker will inform you about any gaps in your existing cover and also advise you on how to manage and mitigate your risk to enhance your profile with insurers.
And in the event of a claim, your broker will fight your corner at every step of the process, from lodgement to settlement.
Underwriters are more selective of risk in many industry sectors
Some policy wordings have changed to exclude certain exposures
Premiums have generally increased in the hardening market
Broker advocacy counts at claims time
See Sarah Lyons, Chief Executive – Australia, and Steve White, Head of Marketing & Communications, APAC, introduce the report here.
How to access our first half-year 2019 Market Overview Report
Access the full reporthere. This digital version also has a full PDF version available for download and printing.