Making news this week, brokers revealed the biggest challenges they will face this year, an international insurer added a new manager for its business and one industry leader suggested a key market may see firmer premiums.
Brokers revealed that the continued soft market
is the biggest challenge they face in 2016, and one industry expert backed their concerns.
Nearly a third of those surveyed said that the soft market will be their biggest challenge over the year with other familiar foes making up the rest of the top three.
Leading international insurer HDI Global announced a new market manager for its Queensland business.
Kelly Townley has joined the business in the Brisbane office following more than a decade of experience in the insurance industry.
Finally, a key coverage may see firmer premiums over the coming year according to one industry expert.
Kirk Cheesman, managing director if NCI, who spoke on the release of the NCI Trade Credit Index noted that high profile insolvencies, such as those at Dick Smith and Laura Ashley, may see a change in the market.
“The impact of large insolvencies, especially in the first week of a new calendar year, will have the trade credit insurers revisit their exposure in those sectors and possibly also tighten up on premium rates,” Cheesman said.