Article

Environmental Liability Insurance Market Recap

2020

As the insurance market continues to transition and evolve, environmental liability insurance premiums in 2020 generally increased in the 5% to 10% range for claim-free accounts. Barring unforeseen changes in conditions, environmental insurers likely will continue to seek rate increases in 2021, due to factors including:

  • Rising reinsurance costs.
  • Stricter requirements to meet technical rates. 
  • Increasing number of environmental liability claims. 
  • Remediation costs increasing due to inflation and other factors. 
  • More active environmental regulators. 

To find out which industries are buying environmental liability cover, the latest trends in coverage, market capacity, premiums, claims and the Australian regulatory landscape, download the full report.

LCPA No. 21/050

 

NOTE: This environmental liability report is a part of the 2020 Australian Insurance Market Recap Series – a series of local market insights by insurance class, with a specific focus on the state of market in Australia. Other insurance classes featured in the series include:

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.”