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.

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Inside the report we cover:

  • Claims — significant claims events are on the rise. A risk-averse approach from underwriters necessitates greater risk management vigilance from businesses.
  • Directors & Officers (D&O) insurance — a rebalancing of market dynamics brings a renewed sense of confidence for D&O insurance. Premiums remain negotiable amid increasing competition and innovation.
  • Cyber — rate stabilisation and increased capacity are redefining competition in cyber, with the increasingly mature market recognising businesses that follow best cyber security practices.
  • Property — the commercial property insurance market remains challenging, with rate increases at renewal broadly expected and increased scrutiny from underwriters becoming the norm.
  • Workplace risks — the rise in volume and length of workers' claims has significantly raised premium costs. Meanwhile, there is a focus on establishing workplace environments that improve workers' mental and physical well-being as employee retention becomes key.

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.

Please access your copy of the Business Insurance Market Conditions and Risk Dynamics H2 2023.

Business Insurance Market Conditions and Risk Dynamics H2 2023

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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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