You may be aware that we’re in the midst of a hard insurance market, with premiums across most types of insurance increasing and for some businesses, finding adequate insurance cover has become more difficult.
But for those outside the insurance industry, the way insurance pricing works can be something of a mystery.
If your business circumstances haven’t changed and you’ve not made a claim, it can be a shock to discover you could have to pay significantly more for insurance at renewal.
At its most basic, insurance operates on a pooled risk basis, so while the performance of your individual risk (ie. whether you’ve had a claim) does have an impact on your premiums, so does the overall claims experience of your sector and of the insurance industry as a whole, both locally and globally.
Factors effecting the current insurance cycle
The current hard market cycle is a result of several converging factors that have created something of a perfect storm of pressure on insurers.
The consequence is that insurers are being much more selective when it comes to which risks they choose to insure, with these supply pressures driving premium prices up.
How Gow Gates can help you get the best deal in a hard insurance market.
We understand the frustration our clients feel when their insurance premiums increase despite the nature of their risks remaining unchanged.
Having well-documented and detailed risk management procedures is vital to demonstrate the quality of your risk, but the good news is that there are others things we can do to help you secure the best possible insurance terms.
Gow-Gates Insurance Brokers has a highly experienced team focused on finding the very best insurance for our clients. Contact us today for risk management advice and a detailed discussion of your business insurance needs.
Discover the difference our expertise can make.
Speak directly with a member of our team.
Call +61 2 8267 9999