Q3 Global Marketplace Insights – Australasia

0:39
Property is still very much two tiered.

0:41
The competition for good risks remains and we're seeing rollover to 5% on good risks.

0:47
We've got some challenges and some Cat exposures.

0:50
You're looking at still increases of 15% primary liability, 5% increase through to 15% increase at the top end across our Phoenix lines.

1:00
Directors and officers liability lead the way with some reductions coming through the tail end of last year, maintaining this year we're seeing reductions starting at 5% but ending up as significant as 25%.

1:11
So there's some real healthy competition there.

1:14
Professional indemnity flat to a 10% increase, crime flat to a 10% increase and cyber 10% increase to a 15% increase.

1:25
Construction and we see contractors all risk flat to 10% increase.

1:30
When you're taking all these rating increases into consideration, insurers are really focused on policy, language, endorsements, particularly around Cat.

1:39
So huge focus on flood, huge focus on an upcoming bush fire season as well.

1:44
What I would recommend to all of our clients across the region is really commit yourself to working hard with your WTW broker to gather information and create a best in class submission that really separates your risk from the pack underpinned by the WTW risk and analytical tools available.