Change in the insurance industry is now a constant, bringing with it opportunities and challenges.
The current trend in the insurance market in Australia is toward a heightened level of competition, resulting in the emergence of new global insurance capacity and reduced pricing models.
The market is more attune to the buying behaviour of the customer and participants continue to adapt to new risks with more product lines and coverage offerings to protect potential exposures.
The effect of technological advances continues to be profound. Social media, data exchange/retention and Information Technology in general is challenging conventional distribution and pricing approaches, driving product innovation and causing significant disruption to traditional business models.
Demographic shifts and an evolving domestic economy also present challenges. A rapidly ageing workforce, flexible work practices and the steady rise in workplace stress claims loom as challenges for certain carriers, particularly life, workplace risk and health insurers as well as annuity income providers. The general liability market, particularly professional indemnity and commercial lines, will also be tested as the resources boom ends and the Australian economy transitions toward the services sector.
The insurance industry also continues to be challenged stringent external supervision, with regulators striving to normalise governance requirements, improve prudential standards, increase transparency for customers and modify certain claims practices.
At a time when many large law firms in the APAC region have reduced their insurance services, HWL Ebsworth’s National Insurance Group continues to grow. We have one of the largest national insurance groups in Australia, dedicated to assisting the insurance industry in all aspects of insurance and reinsurance.
Maintaining a market leading insurance offering is a cornerstone of the firm’s approach and we continue to invest heavily in this area to ensure that we are meeting the needs of our insurance clients.
Our market reputation means that we currently act (or have acted) for the majority of Australia’s domestic insurers, a range of international insurers and the London Market.
In the last three years, our National Insurance Group has received thousands of instructions across all lines encompassing high volume, non-complex matters to the most complex and high value insurance related matters in Australia.