0:03
SPEAKER: Welcome to WTW's Global Marketplace Insights series, where our experts bring you the latest risk and insurance perspectives.
0:20
TRENT WILLIAMS: Hi. Welcome to our market update for Q3 2024 for the Pacific region. Well, as we move out of winter and into spring in this part of the world, the market continues to heat up in favor of clients. We're generally seeing great results for our clients across the board.
0:38
I will start this update with long tail, and I then look at liability. So primary liability, is generally seeing some flat results. It's the excess layer capacity that we're starting to see some really favorable outcomes for clients. So capacity returning that hasn't been there in previous years, but the rating environment much more favorable.
0:56
Our FINEX team are getting great results. For professional and financial lines, we're seeing reductions up to 15% in some cases. And in cyber, there has been the challenge in previous years, the continuation of really strong competition in that space and we’re seeing further reductions to our update in Q2.
1:15
For property, and for the first time in five years, we've seen two consecutive quarters where reductions are available for good risks. So good risks, where they can separate themselves with a really strong commitment to risk management and compelling underwriting submissions that go into the market. Those that are cut exposed or challenged by way of claims, still seeing some increases, but nowhere near as severe as previous years.
1:35
Construction and across-the-board reductions are available for our annual contractor business. So contract works, construction liability, and design and construct PI-- challenging in previous years, but competition for good risks remain. The keys to success for the end of the year-- a really strong plan, work with your broker, but also making sure that all stakeholders are engaged at senior levels.
