After a year of challenges for the world when businesses have been forced to respond to the impact of COVID-19, we are now confronting a host of new considerations in what was already a cautious insurance market. In this edition of our bi-annual Business Insurance & Risk Market Update we look at the risks and opportunities that are emerging for 2021.
Access insights on factors influencing market conditions as well as expertise on risk issues and trends that are currently impacting
- global and local risk markets – with a shrinking capacity it’s a challenging environment
- financial lines – particularly in the directors and officers’ space
- mergers and acquisitions – how economic trends have prompted a raft of innovation
- cyber – why there’s no longer any grey area when it comes to cyber insurance
- claims – understanding the scrutiny claims are under, and what can be done to ease the claims process
- mental health – the impact COVID-19 has had on employees and businesses.
Industry sectors in detail
We also take a look at the key issues in four areas of specialism for Gallagher
- Sport – the key exposures for sporting organisations
- Transport – are you aware of the industry’s biggest emerging risk?
- Agriculture – external factors and capacity indicators
- Mining – 3 preliminary steps to a successful renewal
How this report can help businesses face the future with confidence
One key theme that emerges from this edition of our insights report is that it’s taking a lot more time, market engagement and effort to get policies written and placed at present, as well as getting claims paid.
For businesses, this means that the need to think deeply about the risks you face has never been more important. We are working closely with our clients to guide them through the insurance process, identifying exposures and threats, and exploring these in conversations with underwriters and insurers.
Working with Gallagher provides access to highly knowledgeable experts who can support your business to gain the risk and insurance solutions to obtain the protection you will need for your business in the year ahead.
To read more about these key factors, exposures and sectors download the complete Business Insurance & Risk Market Update H2 December 2020.
Gallagher provides insurance, risk management and benefits consulting services for clients in response to both known and unknown risk exposures. When providing analysis and recommendations regarding potential insurance coverage, potential claims and/or operational strategy in response to national emergencies (including health crises), we do so from an insurance and/or risk management perspective, and offer broad information about risk mitigation, loss control strategy and potential claim exposures. We have prepared this commentary and other news alerts for general information purposes only and the material is not intended to be, nor should it be interpreted as, legal or client-specific risk management advice. General insurance descriptions contained herein do not include complete insurance policy definitions, terms and/or conditions, and should not be relied on for coverage interpretation. The information may not include current governmental or insurance developments, is provided without knowledge of the individual recipient’s industry or specific business or coverage circumstances, and in no way reflects or promises to provide insurance coverage outcomes that only insurance carriers’ control.
Insurance brokerage and related services to be provided by Arthur J. Gallagher & Co (Aus) Limited (ABN 34 005 543 920). Australian Financial Services License (AFSL) No. 238312