Commercial Insurance Market Update
Following many years of competitive insurance market conditions for consumers, insurers are now in the position where expiring premium levels are unsustainable. Regulatory uncertainty, continual claims, declining interest rates, an increase in class actions and other global factors such as increased re-insurance costs are contributing to a hardening in the Australian commercial insurance market.
Coverforce are seeing reduced capacity being offered by Insurers, material rate increases and higher excess levels impacting many businesses. Key products affected are Financial Lines (PI, D&O), Property and Construction Sector related insurances.
The Lloyd's syndicated Insurance market has sustained year on year multi-billion dollar losses, with several syndicates unable to continue to trade moving forward.
While coverage will remain available at a cost for the majority of businesses, there are a number of professions and risk profiles/claims-affected businesses that may find themselves unable to obtain suitable coverage this renewal period.
How Coverforce can help
As Australia's largest privately owned insurance broker we have the buying power and independence to assist most businesses in obtaining reliable cover whilst minimising the impact on your bottom line.
Could you be getting better value on your insurance dollar? Contact us today for personalised risk advice or an obligation free quote.
The information provided in this article is of a general nature only and has been prepared without taking into account your individual objectives, financial situation or needs. If you require advice that is tailored to your specific business or individual circumstances, please contact Coverforce directly.
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