Global Marketplace Insights – Australasia Q1 2024

0:02
Hello and welcome to our market update for Q1 2024 for the Australasian region of Australia and New Zealand.

0:10
We're starting off with the all-important property market for the Australian and New Zealand region.

0:15
We're starting to see for the first time in many years flat market conditions from a rating perspective come through largely driven by insurer competition and increases in capacity.

0:25
Whilst there still are some increases for those in cat exposed areas or with lost history, the trend in the right direction is a welcome relief for buyers, both clients and brokers alike.

0:37
From a casualty perspective, primary liability still at the end of last year we're seeing some small increases coming through will increase.

0:43
Competition has driven that to roll over now the benefit of restructuring programs through the difficult years paying benefits to those insured from a Phoenix perspective and D&O and we're still seeing rate decreases typically 5 to 10% and in some cases 15%.

1:01
Again, strong competition for both primary and excess layers exists and where insurers are really starting to focus in at the moment is claims trends particularly around the use of generative AI cyber rates.

1:13
Again competition returning, and the rates are moderating.

1:17
Underwriter focus has really been around privacy regulations and ransomware from a construction perspective, design and construct Pi.

1:24
We're starting to see either roll over or in some cases reductions in annual programs.

1:31
From a contract works material damage point of view, we're seeing flat market conditions again as the result of competition returning to the local market so early in 2024.

1:40
We're seeing some great signs for buyers, we're seeing some great signs for brokers.