Aussie insurers urged to act quick for continuity, stability

The sector also has three key areas of main focus and concern.

Insurers in Australia must respond quickly in order to enable business continuity and build a stable position in the market, according to a report by the Global Insurance Law Connect (GILC).

The sector has three key areas with more focus and concern, including business interruption losses and the uncertainty if policies cover COVID-19 pandemic-related losses; marine delay coverage, supply chain challenges and reconsiderations on risk appetite; and increased cyber and privacy attack sophistication.

“A subsidiary point, but one of much importance to all in our industry, is the follow-on impact of the ‘powering up’ of digital marketing, sales and claims processing, as insurance buyers around the globe move online permanently after a year of cultural change,” said GILC chairman Jim Sherwood.

There are also a number of key issues that are currently affecting Australian businesses, alongside their need to manage flexible and remote working, employee mental health, and talent competition.