Several classes have experienced premium hikes.
The Australian insurance sector has moved from rate increases to deductible movement and coverage contraction, according to an Aon report.
Capacity remains a prominent challenge for local insurers, with the Chinese capacity for Australian risks also shrinking.
Several insurance classes, particularly property, professional indemnity, and directors & officers’ liability, have seen significant premium hikes and lower capacities.
Overall, rates will continue to increase but this will vary significantly based on line of business, industry, risk type, and risk management. Aon foresees that the industry will stabilise by Q3 2021.
Do you know more about this story? Contact us anonymously through this link.