Make sense of the insurance market

Like any market, the business insurance market experiences different cycles that can affect pricing and how easy it is to get cover. Depending on the stage of the cycle we're in, this can mean more risk and higher premiums for you. That's where we can help. As insurance experts, we can help you navigate the insurance market to find you value for money insurance that's suitable to cover your business needs. And as part of Steadfast, Australasia's largest network of general insurance brokers, we can help negotiate better cover.

Understanding insurance market cycles

Insurance premiums are generally governed by the insurance cycle - which moves between a 'hard' and 'soft' market, based on economic and other factors. In a soft market, insurers are chasing market share - competing with lower premiums and better underwriting terms - and making it easier and cheaper to get the cover you need.

Factors like a worsening economy, higher claims - perhaps due to a string of natural disasters and storms - and poor investments can lead the market to harden In these times, premiums tend to be higher - and underwriters less willing to make on additional risks.