Halfway through 2020, there have already been enough major events around the world to populate the better part of a decade. Australia alone has seen major bushfires, flooding, the COVID-19 pandemic and signs of the country’s first recession in 30 years. Coupled with a hardening insurance market across a broad variety of sectors, brokers have been far from immune during this period, says Helen Brand, assistant vice president of professional and financial risks and Queensland branch manager at Liberty Specialty Markets.
“Brokers are dealing with challenges well beyond the usual day-to-day business,” she says. “They’re servicing heavily distressed clients, some of whom are also staring down tightening pricing models and Ts & Cs, as well as new exclusions.”
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