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Australian Mid-Year Insurance Market Update 2024

MMB people risk

29/08/2024

The general outlook for insurance buyers in Australia is positive as we move into the second half of 2024.

Across most insurance classes, insurers’ premium pools have grown and rates have stabilised. Overall, the first half of 2024 saw a significant improvement in market competition and the return of insurer choice for buyers, from both existing insurers and new entrants.

Not all insurance classes fared the same, with some still experiencing challenging conditions. Our latest market update takes a deep dive into the state of market throughout the first half of the year, including local market insights and outlook, coverage trends, insurer appetite, market influences, as well as tips on how to maximise renewal outcomes. Our report also provides a detailed premium analysis across 12 insurance classes including:

  • Property
  • Liability
  • Directors & officers liability
  • Professional indemnity
  • Crime
  • Medical malpractice
  • Cyber
  • Environmental impairment liability
  • Private health
  • Accident & health
  • Group life
  • Workers compensation

Download the full report to keep up to date with the latest market trends and insights.

Industry specific insights

In addition to our report Australian Mid-Year Insurance Market Update 2024, you can also explore our industry market updates below. These addendums to the main report provide an industry specific lens on the Australian state of market, including the latest industry insights and market trends.

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Construction insurance market update 2024: Australia

08/30/2024
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Strata insurance market update 2024: Australia

Previous reports

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Australian Mid-Year Insurance Market Update 2023

08/23/2023
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Australian Mid-Year Insurance Market Update 2021

23/08/2021
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New Zealand insurance market update 2023: Year in review

04/03/2024

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change.
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