In an article published today by InsuranceNEWS.com.au, law firm Herbert Smith Freehills advised that Disputes over major claims are snowballing as the insurance market continues to harden.
Claims are “more commonly delayed and often disputed” as insurers’ underwriting profit comes under increasing scrutiny as investment returns slow, the law firm says in a review of the last 12 months.
It recommends policyholders give “very careful consideration to their policy wordings at renewal” and arrange the broadest cover available. It also suggests engaging specialist advisers at an early stage.
The report says the market will continue to harden throughout this year as insurers deal with economic slowdown, increased losses from natural disasters such as the recent tragic bushfires, and “shifts in the liability landscape”.
In this hardening insurance market, it’s important to have an insurance broker that’s on your side. One that understands the importance of quality coverage and advice.
The brokers at Guard Insurance are insurance professionals with years of experience managing claims. We work for you and will use our extensive product knowledge and negotiating skills to get you the best possible claim outcome. Contact us today.