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That the cost of living in Australia is rising is no secret, but increasing inflation is also having secondary impacts when it comes to commercial property insurance.
The cost of repairs and replacement is increasing due to the effects of inflation on building materials and labour, both of which are in short supply due to other market forces including the disruption to migration flows caused by COVID-19, and to supply chains due to both COVID-19 and the Russia-Ukraine war. The result is that many property sums insured are no longer reflective of their true reinstatement cost in today's market, putting businesses at risk of being underinsured.
In our Business Insurance & Risk Market Update H1 2023 report, we explore the key trends putting many businesses at risk and look at what other considerations regarding commercial property insurance can be made including:
Other topics in the report include:
Looking for business risk and insurance advice?
During this time of change you can turn to our Gallagher experts for advice and guidance. We are here for you and will do everything we can to help you face the future with confidence.
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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