Commercial Insurance Market Update

Published: 28/11/2019

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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Are you looking for expert risk advice and great value cover for your business? Call us to speak to a Coverforce insurance broker today.

Our Insurance Brokers service clients throughout Australia, with key offices in Sydney, Melbourne, Brisbane, Adelaide and Perth.

Our global insurance network

Our brokers can access more than 100 insurers across the globe to find your business quality cover at the right price.

Insurer logo AIG
Insurer logo Allianz
Insurer logo Blue Zebra
Insurer logo CGU
Insurer logo CHU
Insurer logo Chubb
Insurer logo Dual
Insurer logo GIO
Insurer logo GT
Insurer logo Hollard
Insurer logo Liberty
Insurer logo Lloyds
Insurer logo Longitude
Insurer logo Mecon
Insurer logo Miller
Insurer logo NTI
Insurer logo QBE
Insurer logo Quanta
Insurer logo SUU
Insurer logo UAA
Insurer logo Vero
Insurer logo Zurich

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