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Risk In Context

Hardening Insurance Market - What should you be doing when it comes to renewal of your insurances?

Posted by Lyle Steffensen 07 June 2019

This is a difficult time for organisations that are already under pressure financially. We are here to help; we have pulled together some top tips to think about when it comes to your insurance renewal period.

  • Ensure that all open claims are being properly managed and that any claims which could be closed due to inactivity, are in fact closed. Ideally, this should occur at least 3 months before the renewal of your current insurance policies.
  • Engage with your broker and insurers early – between 3 to 6 months before renewal. Conduct a full pre-renewal strategy meeting which includes relationships with current insurers, exploration of alternative markets, open claims and status, and any upcoming changes and developments that your broker should be aware of before entering the market.
  • Explore whether presenting directly to your incumbent and/or potential insurers about your organisation is a useful strategy. If so, work with your broker to put together a clear overview of both your organisation, its risk framework and any specific risk mitigation strategies your organisation is implementing or reviewing.
  • Provide full information including Annual Reports, policy and procedures (particularly those you have updated recently), risk mitigation strategies as part of your renewal information.
  • Investigate whether your organisation is able to bear higher deductibles, and explore alternative insurance strategies with your broker.
  • Obtain a regular update from your broker as to the status of renewal, and where necessary have your broker present directly to your executive or your board to answer any questions about the renewal results.
  • Obtain premium funding quotations from your broker to support monthly payments of increased premiums to support spreading the cost at competitive interest rates.

Please contact Lyle Steffensen should you have any questions or wish to discuss the above.

Lyle Steffensen

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.