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The Gallagher Business Insurance Market Conditions and Risk Dynamics H2 2023 provides expert insights into insurance market conditions and risk factors affecting Australian businesses at this time.
While the business insurance market remains challenging in specific areas, there is cause for a degree of optimism: there are signs of annual premium increases steadying for certain types of risk, and broader coverage options are becoming available.
However, upward pressure on premium prices continue, and the hard market cycle remains for insurance albeit with some easing. Inflationary and interest rate movements continue to dampen growth plans across Australian industries and sectors. Suppliers remain challenged by restricted access to labour and specialist skills in some spaces, although supply chain bottlenecks are beginning to ease.
This edition also includes feature reports on the renewable energy and marine and cargo sectors.
Stay informed, stay prepared and let Gallagher be your trusted partner in navigating the evolving insurance landscape.
Experts from the Gallagher network offer perspectives on critical trends and changes shaping the Australian insurance and business landscape.
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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