Trent Williams, Head of Broking Australasia, discusses the challenging market dynamics in Australasia from a capacity and pricing perspective.

Australasia insurance marketplace update
Hear from our experts and learn more about the latest insurance marketplace trends


Australasia insurance marketplace update

Welcome to WTW's Global Marketplace Insights series where our experts bring you the latest risk and insurance perspectives.

Hi and welcome to our market update for the Australasian region for Q3 2023.

After the first half of this year, we saw a combination of improved insurer results and the return of some healthy market competition providing increased capacity and providing stability to our clients across the region.

Property is still very much two tiered.

The competition for good risks remains and we're seeing rollover to 5% on good risks.

We've got some challenges and some Cat exposures.

You're looking at still increases of 15% primary liability, 5% increase through to 15% increase at the top end across our Phoenix lines.

Directors and officers liability lead the way with some reductions coming through the tail end of last year, maintaining this year we're seeing reductions starting at 5% but ending up as significant as 25%.

So there's some real healthy competition there.

Professional indemnity flat to a 10% increase, crime flat to a 10% increase and cyber 10% increase to a 15% increase.

Construction and we see contractors all risk flat to 10% increase.

When you're taking all these rating increases into consideration, insurers are really focused on policy, language, endorsements, particularly around Cat.

So huge focus on flood, huge focus on an upcoming bush fire season as well.

What I would recommend to all of our clients across the region is really commit yourself to working hard with your WTW broker to gather information and create a best in class submission that really separates your risk from the pack underpinned by the WTW risk and analytical tools available.

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