News & Insights

The value of an insurance broker in a toughening market

Published 31 May 2018

Consumers should take a lead from how insurers are dealing with toughening market conditions, says Gallagher’s Chris McKeown, as reported in Business Acumen Magazine. “Shopping around for a broker with experience in your industry and insight into your professional needs will pay off when you need to claim.”

Chris 5435 portraitMcKeown, a respected corporate advisor with more than 20 years’ industry experience, warns that most kinds of insurance will be likely to be harder to place, involve less advantageous terms and cost more.

He ascribes this to the flow-on effect of international insurance markets’ reaction to global disaster insurance losses in 2017 which, after a year of catastrophic weather events, have been estimated as being US$306 billion by reinsurer Swiss Re. 

McKeown says the resultant reduced international market capacity is combined with current conditions in Australia including

“That’s without touching on the cyber crime wave of attacks on businesses that experts such as digital security specialists McAfee are predicting,” he adds.

Solutions

McKeown says that shopping around for an insurance broker who understands how a business operates and the conditions it operates under, and who takes the time to run analytics on its risk profile, is a key asset in these kinds of market conditions because they can provide more informed advice and sometimes achieve savings for comprehensive coverage.

A broker can also assist with achieving integrated cover in a single package, without the gaps or loopholes that can occur when shopping for insurance on a policy-by-policy basis.

“A tailored solution packaged into a single program ensures your business is comprehensively covered and offers its owner greater control with a preferred insurer,” he says.

Other factors that help with containing costs are a low claims record and having a risk mitigation plan in place.

Talk to a broker

Get obligation-free advice from one of Gallagher's insurance specialists in your local area. 

Find your nearest Gallagher branchchevron-right

Logistics operator deploys new custom Gallagher workplace safety program
Business Risks | Article

Logistics operator deploys new custom Gallagher workplace safety program

31 August 2021
5 ways that property risk surveys improve business protection
Business Risks | Article

5 ways that property risk surveys improve business protection

18 August 2021
Businesses embracing digital acceleration face new risks
Business Risks | Article

Businesses embracing digital acceleration face new risks

10 August 2021