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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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.