Replay: Market update and preparation session
We are living through an unprecedented crisis with significant impacts to businesses and the economy. The chain reaction of COVID-19 is being felt globally. It is too early to understand the repercussions and effects on the insurance market as there are several moving parts; however, to date we have seen insurer investment, pricing and coverage impacts.
Marsh held a webcast on 30th April — now available for replay - with Richard Shehean - Head of Corporate New Zealand, Justin Armagnacq - Head of Placement New Zealand and Steve Walsh - Chief Client Officer New Zealand, providing their thoughts on the constantly evolving insurance market and a possible road map for how to approach your coming insurance renewal.
Here are some of the key takeaways from the market update:
- Upward pricing pressure on Property Insurance renewals has continued since the 2016 Kaikoura earthquake
- Insurance carriers globally have struggled to return an underwriting profit due to prevalence of natural catastrophes and severe weather events since 2017
- Premium pressures will remain due to the investment impact to insurers resulting from Covid-19 economic downturn
We also suggest the following tips in light of your upcoming insurance renewal:
- Start the renewal process early – engage with your broker to give yourself enough time to answer or address any questions from the insurer.
- Highlight risk management plans and procedures in renewal submission
- Quality data is essential – including up to date valuations and accurate claims history
Marsh Risk Consulting has solutions available right now to assist you and your business with managing the response to COVID-19, understanding your changing risk profile and successfully navigating through this crisis and preparing for your recovery.
Please get in touch with us if you would like to know more.