Navigating small-medium business property insurance trends
In an ever-evolving business landscape, small-medium business owners face a myriad of challenges, from fluctuating market conditions to unexpected disasters. One critical aspect that often gets overlooked is the importance of property insurance. As trends in property insurance continue to shift, understanding these changes can empower small-medium business owners to make informed decisions that protect their investments.
Property insurance serves as a safety net, potentially safeguarding your physical assets—such as buildings, equipment, and inventory—against risks like fire, theft, and natural disasters. With the rise of new technologies and changing regulatory environments, the landscape of property insurance is transforming, offering innovative solutions tailored to the unique needs of small-medium businesses.
If you’re a small-medium business owner looking to protect your business property, this update is relevant to you.
Every year in Marsh’s Australian Mid-Year Insurance Update report, we explore the latest trends in property insurance and other insurance classes, highlighting why securing adequate coverage is not just a precaution, but a strategic move that can enhance resilience and foster growth.
A closer look at 2024 trends
In the first half of 2024, property insurers were focused on growth, leading to a return of price competition in the Australian property insurance market.
- Insurance premium reductions: Renewals for the first 6 months of the year saw average premium changes ranging from 10% reductions to 5% increases, varying across industries and sectors.
- Insurer focus: Natural catastrophe exposures and secondary peril losses influenced the underwriting process, while carbon emissions and ‘net zero’ transition plans have been Environmental, Social and Governance (ESG) focus areas for insurers.
- Renewal tips: A comprehensive submission, early engagement with the market and a well-planned strategy are the key ingredients you’ll need to maximise your renewal outcomes.
Watch the video below to hear Jamie Coughlan, National Property Placement Leader at Marsh take us through the latest insights and trends on the Australian property insurance market:
Scroll down to download the full report.
Whether you’re a seasoned entrepreneur or just starting out, understanding what’s impacting the insurance market can help you navigate the various elements of your own property insurance cover to better protect your business against the unforeseen.
To speak to the team of expert brokers at Marsh, arrange a call back.
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Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) (“Marsh”) arranges the general insurance (i.e. not the Discretionary Trust Arrangement) and is not the insurer. This page contains general information and does not take into account your individual objectives, financial situation or needs. For full details of the terms, conditions and limitations of the covers, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh on request. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). Any advice or dealing in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). JGS and JLT are businesses of Marsh McLennan. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.
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