News & Insights

New risks and heightened concerns for businesses seeking financial lines insurance

Published 20 January 2021

Employment practices and growing concern around potential issues of staff working from home, along with factors surrounding employment disputes such as religious beliefs are new factors for consideration against a background of caution in relation to directors and officer’s liability insurance cover.

Solvency and class actions top the lists of insurer concerns and smart organisations are working closely with their brokers to devise a strategic approach to risk minimisation and planning ahead of seeking insurance renewals.
 

2827-BIRM-Follow up post_SOCIAL_LI_Fin Lines


Key trends

  • Fast developing risk conditions present a challenge for insurers
  • Being able to demonstrate robust risk management policies is vital to negotiating insurance cover
  • A strategic – potentially multi-insurer – approach is needed to find the optimal solutions

 

Headshots-MichaelHerron-1National Head of Financial Lines Michael Herron
Leading the Gallagher Financial Lines team in Australia with expertise and in demand services supporting a C suite client portfolio, Michael is skilled in negotiating with insurance providers to get the right policy for his clients, especially for new or emerging risks.


 Access and read the financial lines article in full: page 6 in the latest Business Insurance & Risk Market update compiled by our experts and industry sector specialists. 
 


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.

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