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Casualty (Liability) Insurance: 2021 Australian Insurance Market Series

Overview

2021 was a dynamic year for the casualty insurance market, both globally and locally. Pricing stabilised at +15% in the fourth quarter, down from +18% in the second quarter (the largest year-over-year increase since 2012. Whilst there are no specific ‘new market’ entrants to point toward, pleasingly there are signs of increased appetite in early 2022 within the domestic market.

Underwriting

Underwriting concerns remain for exposure driven insureds; specifically those that are either catastrophe/ frequency claims exposed,  We continue to see excess layer pricing scrutiny – especially from domestic insurers.

Reinsurance and key coverage trends

The 1 January reinsurance treaty renewal outcomes were largely in line with expectations, with a continued emphasis on key coverage trends such as COVID-19, cyber, climate change endorsements and SMC/Abuse coverage.

Lloyds of London

The London casualty market remains an invaluable trading partner for many domestic clients. Lloyds continues to provide a significant amount of capacity across all avenues of the liability portfolio, including solutions on high hazard/significantly distressed business.

More in-depth coverage

Download the Report for more in-depth coverage of the above areas, plus an expert look at: 

  • Recent underwriting concerns and trends
  • Key liability industries and their specific areas of focus
  • The outlook for 2022

REPORT

Casualty (Liability)

2021 Australian Insurance Market Recap Series 

Our experts

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