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Australian Insurance Market Updates

Remain abreast of changes in today’s fast moving insurance market

Captives|Casualty|Risk & Analytics|Cyber Risk Management|Financial, Executive and Professional Risks (FINEX)|Property

July 23, 2021

A long-term strategy to managing and mitigating risk is the way forward for Australian businesses.

COVID-19 has affected most, if not all, Australian businesses to some extent. Likewise, it has had an impact on almost all classes of insurance, so for those organisations that view insurance as a cost, these are sobering times. Cost base organisations will be viewed by insurers as short-term transactional buyers and will suffer accordingly in the marketplace, either through significantly increased premiums, reduced capacity or, in a worst case scenario, no insurance being available at all.

Therefore, in this hardening insurance market, we at Willis Towers Watson are doubling our efforts to ensure clients understand the new imperatives of attracting the right level of cover for their organisation. Our insurer partners expect strong underwriting submissions, based on the best available information, to ultimately provide you with the best price, terms and conditions for your risks. Early engagement well in advance of renewal dates is required.

We work with our clients to help them develop a holistic view of risk and how to make the best decisions that lead to optimal outcomes for their organisations. To assist in this decision making, our Insurance Market Updates provide valuable insights across a range of insurance classes and are updated as changes occur in the market.

Please reach out to your Willis Towers Watson Broker for further information.

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