0018 Corporate Profile Insurance Market Update Looking ahead: how the insurance market has affected your current insurance program: Construction Liability continues to provide Despite the natural disaster we have seen on challenges. Key markets have reduced the eastern seaboard of Australia this year, their capacity and appetite for construction there seems to be a little more capacity in the contractors after a decade of unprofitable Australian market. This is being driven, in underwriting performance. There is almost large part, by the amount of time, effort and no appetite from local markets in certain money our clients have invested in their risk sectors. However, this trend is beginning management over the past few years, which to wane. As a long tail class of business, is beginning to pay dividends. remediation taken by insurers will not begin to materialise for several years. As a result we are shifting more risks back onshore to Australian insurers, where we Premium and excess structures for previously had to rely heavily on capacity contractors for these claims continue to from our London and other overseas increase. The difficulty of insurers defending operations to get programs placed. However, such matters is the cause of the concern, and there is still appetite and capacity for if an Insured can demonstrate good record Australian risks overseas and it remains the keeping, safe methods of work, demonstrated case that without the use of overseas markets incident response and streamlined claim some placements would not be completed. processes it will improve renewal outcomes. Our advice is to retain a mixed program Mid-market contractors have generally had placement with both Australian and significant premium uplifts over the past overseas capacity. When markets tighten 3 years. We have experienced more stable up experience has shown us that Australian pricing in 2022, though insurers continue to underwriters tend to take a more risk adverse seek moderate increases. approach than insurers in other jurisdictions.