Australian liability insurance market conditions improved considerably in the first half of 2024
All businesses may be susceptible to liability claims and, in some professions, it is mandatory to hold some form of liability insurance.
It’s vital for your business to consider protection against legal costs in the event of an incident as coverage may vary – even if you are not at fault. From plumbers to personal trainers and from sole traders to contractors, we’ve got your solution. Helping you to get on with what you do best.
If you currently have or considering purchasing public or products liability insurance to help protect yourself and your business, this liability insurance market update is for you.
This liability insurance market update is part of a bigger report that we publish each year, which covers a wide range of insurance types including property, general liability, financial and professional liability, cyber and much more.
A closer look at recent liability insurance trends
Market conditions improved considerably for the Australian liability insurance market in the first half of 2024:
- Insurance premiums stabilising: We saw liability rate increases much lower than the same time last year. Premiums increased on average between 0-2% in the first half of 2024.
- Challenging areas: Although market conditions generally improved, some industries and risks still experienced challenges, such as:
- Rail, pharmaceutical, sports, faith and community
- Natural catastrophe, bushfire and US exposures
- Businesses with exposure to per- and polyfluoroalkyl substances (PFAS)
Check out our video below with Marsh liability insurance expert Simon Gaunt, who shares key highlights on the Australian liability insurance market.
Scroll down to download the full report.
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