Replay: Preparing for renewals in the hardening property market

As we approach the renewal period, companies need to be aware of how COVID-19 has influenced their relevant trading market. The property market has felt the impact of COVID-19 heavily, and as renewals begin, it’s important that individuals with large property are aware of the hardening market and how it’ll influence the upcoming months.

In our 6^th installment of our special webinar series, held on Monday 18^th May, which is now available for replay, Zaheen Singh, Practice Leader – Real Estate, Sydney and Rob Gardiner, Managing Principal – Marsh Risk Consulting (Property Risk Solutions), Brisbane, discuss key strategies to improve and prepare for your next renewal.

The presentation gives an overall market update, with focus on what’s happening, what’s driving the changes and the major appetite changes.

The key insights shared in the presentation included:

• Rate and retention increase combined with Coverage scrutiny
• Improving your renewal preparation and the importance of starting the process early
• Coverage and capacity pressures
• Reviewing your risk appetite / determine your trading negotiables
• Understand your values and why you are buying certain limits
• Focus on your risk management achievements
• Knowing ways in which your Marsh Risk Consultant can assist you and your business