Losses forcing rates to harden: JLT
Big losses in some insurance lines are forcing insurers to impose sharp increases in premiums, according to a report by major broker Jardine Lloyd Thompson (JLT).
In its latest Inform report, JLT notes significant increases in some property risks over the past six months, with some users of expanded polystyrene materials denied cover at renewal.
And it warns the credit insurance market has also hardened considerably. “Cover in industry sectors such as the automotive, construction, finance and mining sectors may not be available during 2009,” the report says.
It also outlines increasing rates in the marine insurance market and upward pressure on workers’ compensation premiums. Discounts among professional indemnity and directors’ and officers’ lines have slowed considerably.
While JLT says rates remain competitive in most public and product liability and construction lines, it warns discounting has slowed in both areas.
“Clouds in the form of the global economic crisis have been forming over the international insurance markets and Australia is not able to shelter fully from the impending storm.”
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