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Australian Insurance Market Updates

Remain abreast of changes in today’s fast moving insurance market

Captives|Casualty|Risk & Analytics|Cyber Risk Management|Financial, Executive and Professional Risks (FINEX)|Property

February 16, 2022

A long-term strategy to managing and mitigating risk is the way forward for Australian businesses.

COVID-19 has affected most, if not all, Australian businesses to some extent. Likewise, it has had an impact on almost all classes of insurance, so the value of relationships has never been more important.

For those organisations that view insurance as a cost, these are sobering times. Such organisations will be viewed by insurers as short-term transactional buyers and attract significantly increased premiums, reduced appetite from insurers to offer capacity or, in a worst case scenario, no insurance being available at all.

With the hardening insurance market showing few signs of abating, we at Willis Towers Watson are doubling our efforts to ensure clients understand the new imperatives of attracting the right level of cover for their organisation. Our insurer partners expect strong underwriting submissions, based on the best available information, to ultimately provide you with the best price, terms and conditions for your risks. Early engagement well in advance of renewal dates is required.

We work with our clients to help them develop a holistic view of risk and how to make the best decisions that lead to optimal outcomes for their organisations. To assist in this decision making, our Insurance Market Updates provide valuable insights across a range of insurance classes and are updated as changes occur in the market.

Latest market updates

  1. Construction market update (February 2022)

    Mark Thompson | February 10, 2022

    After several years of a hard market across all Construction lines of insurance, rates and policy coverage requirements for clients with well-presented risks may soon stabilise.

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