The construction insurance market in Australia is changing in 2021, with some insurers leaving the market, resulting in an increase in pricing, rising excess levels, and more restrictions placed on policies and claims. In addition, COVID-19 has had an impact on the construction industry and related losses. New and changing reforms around Mandatory Insurance for those in the construction industry…
The year 2020 was one of unprecedented circumstances in every aspect of life around the globe, and one that forced each industry to adapt. As we continue to move forward in the COVID-19 world, as restrictions and border closures are eased and then reinforced, the importance and role of travel insurance is ever-evolving. After a massive decline in growth in…
As the world continues to become more digitalised, with remote working becoming a new norm, and the cyber market ever-evolving, the threat of cyber attacks continues to rise. As a business or organisation, a cyber attack can have massive ramifications, both financially and otherwise. Disruption to business, loss of customers, tarnishing of reputation, and the large amount of time and…
Home, contents and strata insurance premiums differ from property to property, and between different insurance providers. But which region in Australia largely has the most expensive insurance premiums? An inquiry performed by the Australian Competition and Consumer Commission (ACCC) revealed that northern Australia, on average, has the most costly insurance policies. This region includes north Western Australia, the Northern Territory,…
From industry giants to small local businesses, the Australian supermarket and grocery industry is highly competitive with a total market value of over $100 billion. There are a number of risks faced by supermarkets and, no matter how careful you are with your safety practices, something could go wrong saddling your business with a heavy financial burden. Supermarket insurance forms…
Even before there were business contracts as we know them now, the question of ‘who is responsible for the damage?’ regarding goods in transit was a well contested one. There are various factors that determine where liability falls in the event of damage or loss of goods in transit. Contractual obligations, determining when the goods officially change possession between buyer…
The prevalence of cyber attacks against businesses is only growing, and with it, the importance of cyber insurance is increasing. A cyber threat to a business can not only halt operations, lead to a loss of revenue and cost the company a large sum of money to get back up and running, but it can tarnish the reputation of the…
The year 2020 brought many changes to the way businesses operate, both in Australia and internationally. With lockdowns, border closures, shortages of goods, and supply chain issues, each industry has found ways to work under the ‘new normal’. Road and marine freight transport have evolved – and therefore so have the risks associated with these industries. Here at GSK Insurance…
Following on from the changes to NSW Work Health and Safety Act in June 2020, Western Australia has followed suit. After receiving royal assent on 10th November 2020, a new Work Health and Safety Act (2019) has been passed in Western Australia, due to come into effect in 2021. Replacing the previous Work Health and Safety Act, the change in…
In an increasingly digital age, it should come as no surprise that cyber insurance has become an important consideration for the business community. This is particularly relevant in the current business climate with the increased cyber risks which have come from Covid-19 as the global pandemic has seen an increase in people working from home, a reliance on cloud based…
