News

Australian Construction Insurance Market Update, Q1 2024
February 23, 2024
Discover positive shifts in the construction insurance market—improved profitability and new international players drive competition. Brokers report exceeding expectations in 2023, with trends set to continue in 2024. Construction All Risk (CAR) market sees increased competition, especially for quality projects, while Third Party Liability (TPL) stabilizes. Design & Construct Professional Indemnity (D&C PI) market improves with additional capacity. Insurers focus on risk mitigation, offering -5% to +5% rate changes.
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Broker Spotlight – Marsh and Willis Towers Waston launch new Cyber and Directors & Officers facilities
February 22, 2024
Marsh and Willis Towers Watson have introduced innovative insurance facilities to address escalating cyber threats and market volatility. WTW's International CyCore Facility offers extensive cyber coverage for international clients, while Marsh's upgraded D&O Echo Facility provides up to $75 million excess coverage, streamlining renewals and claims processes. These exclusive solutions demonstrate brokers' commitment to addressing evolving risks and enhancing client protection in the face of dynamic market conditions.
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Cyber attacks emerge as a key risk concern for Asia Pacific business leaders
February 22, 2024
Aon's 9th Global Risk Management Survey reveals a shift in priorities for APAC businesses, with 'cyber attack or data breach' claiming the top spot. The survey, polling over 2,800 decision-makers across 61 countries, also highlights growing concerns among business leaders around ‘attracting and retaining talent’ in the today’s market. Surprisingly, 'climate risks' and 'artificial intelligence' didn't make the top ten. The report emphasizes the urgency for businesses to address uninsurable risks and adopt comprehensive strategies to navigate evolving global challenges.
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Rising climate disaster costs drive up insurance prices. What you need to know.
February 22, 2024
Rising climate disaster costs are reshaping the insurance landscape, urging businesses to fortify their resilience. With climate related events surging, insurance payouts have doubled since 2017. Australia and New Zealand face escalating challenges, prompting a call for businesses to bolster climate risk preparedness. The Insurance Council of New Zealand reports $3.5 billion in insured damages in 2023 alone. As insurers grapple with uncertainty, partnering with adept brokers equipped with scientific tools becomes crucial for informed decision-making and navigating the evolving insurance market.
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How to choose the right insurance broker to maximise success
October 13, 2023
Insurance has become a critical component of any business in modern times. 2023 is viewed by many as the riskiest year in more than a decade. Social inflation, cybersecurity, business interruption (including supply chain disruption) and extreme weather patterns are just some of the many risks businesses are forced to deal with. This means working with an insurance broker to manage their insurance strategies for most organisations.
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Insurance Market Update – Q2 2023
October 13, 2023
Conditions in the insurance market continued to trend in a more positive direction in the second quarter of 2023 for some but not all market segments. Premium rate increases continued to moderate across most classes, while others, such as Directors & Officers (D&O) Liability, saw premium reductions.
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Exit of Catholic Church Insurance creates a void in market
August 10, 2023
One of Australia's oldest insurers, Catholic Church Insurance (CCI), decided earlier this year to voluntarily place the organisation into "run off" and wind down operations after it could not raise the required capital needed to continue operations in line with regulatory requirements.
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Directors & Officers insurance market update
August 10, 2023
Shifts in the market are leading to improved conditions while emerging challenges create opportunities and demands.
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Introducing parametric insurance. Empowering companies to confront climate change risks head on.
June 29, 2023
As the impact of climate change continues to shape our world, companies are seeking alternative insurance options to tackle the rising costs of traditional policies and address the hazards brought about by major natural disasters.
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Insurance market update: Q1 – 2023
June 29, 2023
Prices crept 7% in the first quarter of 2023, compared to a 4% rise in the previous quarter. According to a new report published by global insurance broker Marsh, commercial insurance pricing in the Pacific region increased by 7% in the first quarter of 2023 compared to 4% in the prior quarter.
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New Zealand Sets Weather Loss Records with Successive Natural Disasters
March 13, 2023
A new report issued by the Insurance Council of New Zealand (ICNZ) says that the back-to-back natural disasters that devastated parts of the country earlier this year are expected to set new annual loss records for extreme weather events across the country.
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How the Cyber insurance market is showing positive signs after difficult times
March 13, 2023
The Cyber Insurance market has been one of, if not the most challenging and distressed segments of the insurance market over the past 12 – 24 months, due mainly to a high volume of ransomware and cyber extortion attacks that caused havoc to all industries across all jurisdictions.
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