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
Transcript:
Australasia insurance marketplace update
0:06
Welcome to WTW's Global Marketplace Insights series where our
experts bring you the latest risk and insurance perspectives.
0:20
Hi and welcome to our market update for the Australasian region for
Q3 2023.
0:26
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.
0:39
Property is still very much two tiered.
0:41
The competition for good risks remains and we're seeing
rollover to 5% on good risks.
0:47
We've got some challenges and some Cat exposures.
0:50
You're looking at still increases of 15% primary liability, 5%
increase through to 15% increase at the top end across our Phoenix
lines.
1:00
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%.
1:11
So there's some real healthy competition there.
1:14
Professional indemnity flat to a 10% increase, crime flat to a 10%
increase and cyber 10% increase to a 15% increase.
1:25
Construction and we see contractors all risk flat to 10%
increase.
1:30
When you're taking all these rating increases into
consideration, insurers are really focused on policy, language,
endorsements, particularly around Cat.
1:39
So huge focus on flood, huge focus on an upcoming bush fire season
as well.
1:44
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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
