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.Read Article
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.Read Article
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.