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23 March 2021

Key Trends in Australian Insurance 2021

23 March 2021 Insurance & Reinsurance

1. Introduction

Clyde & Co’s insurance specialists across Australia have pooled their collective insight to look at the trends and issues likely to impact the insurance industry, risk classes, customers and markets in 2021.

My colleagues and I are pleased to provide you with an overview of a number of trends and issues across the insurance market that we foresee will have significant impact in the year ahead. Reading through this analysis, one is immediately struck by the barrage of powerful influences converging at this point in time.

The key trends see a hardening market – business interruption claims as a result of the pandemic, a rise in class actions, significant legislative reforms and enhanced scrutiny from core regulators are amongst a number of trends influencing the insurance market in Australia. The pace at which major changes are hitting the market means it is more important than ever to stay ahead of these trends.

As a leading global insurance firm, Clyde & Co supports a number of international and domestic insurers in each of the areas highlighted in this special report, and we welcome your enquiries. Our international scale and breadth of service offering allows us to be market leaders in analysing and sharing global intelligence, such as our recent global predictions for the insurance market in 2021.

In addition to effectively managing significant and complex claims for our insurer clients in Australia, we also work in partnership with insurers to develop long-term risk mitigation strategies to reduce the likelihood of such claims occurring.

Lucinda Lyons
Head of Insurance, Australia

Read the full report here

 

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