Understanding whether you achieved the most optimal outcome for your insurance renewals can be challenging.
In this report, Lockton reflects on the recent June 30 insurance renewal period and shares observations, challenges, learnings and recommendations to influence transactions.
To place you in the best position possible at next renewal, our experts share actionable insights on the Excess of Loss market (XOL), Workers’ Compensation in the risk states (WA, ACT, TAS, NT) and Directors’ and Officers’ insurance.
There are many factors that can impact premiums but if organisations are well-prepared, they can improve outcomes and insurance costs. Lockton also acknowledges organisations may have strategic D&O renewal dates that fall outside of June 30, but there is always something to learn from industry peers and their recent experiences.
Examples of key takeaways from the report
The Excess of Loss (XOL) market is under increased pressure. This is widely due to its lack of representation from insurers. Some organisations have had their premium increase threefold. Other self-insurers have elected to increase their self-insured retention (deductible) to help mitigate premium increases.
In the Workers’ Compensation risk states, Lockton anticipates 5-7% rate increases for WA in 2024 due to legislation changes (if implemented), with minimal movement expected in ACT, TAS and NT.
On the balance, Directors' and Officers' premiums should remain relatively flat. This can be attributed to increasing international competition. However, organisations impacted by economic deterioration and unfavourable risk variables may experience increases.
Be prepared for next time
Download the report to understand the future outlook for each market and read our expert guidance to help make informed decisions. Click the download button (located on the right for desktop users and at the bottom for mobile users) and fill out the form to access the report.