Skip to main content
Marsh Logo

Fix up your insurance to WIN a 2026 Toyota AFL Grand Final experience*! Find out more

*Terms and conditions apply. Entry upon purchase of applicable insurance policy. Authorised under ACT Permit No. TP 26/00594. SA permit no. T26/450. AFL Authorised GF Promotion GFAFL26/18.

Video

Property insurance market trends 2024

03/12/2024

Watch the video Download report

Navigating small-medium business property insurance trends

In an ever-evolving business landscape, small-medium business owners face a myriad of challenges, from fluctuating market conditions to unexpected disasters. One critical aspect that often gets overlooked is the importance of property insurance. As trends in property insurance continue to shift, understanding these changes can empower small-medium business owners to make informed decisions that protect their investments.

Property insurance serves as a safety net, potentially safeguarding your physical assets—such as buildings, equipment, and inventory—against risks like fire, theft, and natural disasters. With the rise of new technologies and changing regulatory environments, the landscape of property insurance is transforming, offering innovative solutions tailored to the unique needs of small-medium businesses.

If you’re a small-medium business owner looking to protect your business property, this update is relevant to you. 

Every year in Marsh’s Australian Mid-Year Insurance Update report, we explore the latest trends in property insurance and other insurance classes, highlighting why securing adequate coverage is not just a precaution, but a strategic move that can enhance resilience and foster growth. 

A closer look at 2024 trends

In the first half of 2024, property insurers were focused on growth, leading to a return of price competition in the Australian property insurance market.

  • Insurance premium reductions: Renewals for the first 6 months of the year saw average premium changes ranging from 10% reductions to 5% increases, varying across industries and sectors. 
  • Insurer focus: Natural catastrophe exposures and secondary peril losses influenced the underwriting process, while carbon emissions and ‘net zero’ transition plans have been Environmental, Social and Governance (ESG) focus areas for insurers.
  • Renewal tips: A comprehensive submission, early engagement with the market and a well-planned strategy are the key ingredients you’ll need to maximise your renewal outcomes. 

Watch the video below to hear Jamie Coughlan, National Property Placement Leader at Marsh take us through the latest insights and trends on the Australian property insurance market:

Scroll down to download the full report.

Whether you’re a seasoned entrepreneur or just starting out, understanding what’s impacting the insurance market can help you navigate the various elements of your own property insurance cover to better protect your business against the unforeseen.

To speak to the team of expert brokers at Marsh, arrange a call back. 

Australian Mid-Year Insurance Market Update for 2024

For more details and pricing trends on property insurance or other types of insurance – liability, cyber, financial and professional liability, construction and more – check out our full report.

Download the full report

Related insights

Placeholder Image

Have you got the right insurance cover to match your business growth?

Is your business growing? A changing business climate often means your insurance also needs to change, and you run the risk of being over- or underinsured.
Placeholder Image

Renewing your business insurance? Help avoid this costly mistake

How insurance renewals work – what brokers may need their clients to know and when it makes sense to consider working with a specialist business broker.
Placeholder Image

Topics to discuss with your broker

Professional indemnity insurance top questions to ask your broker before purchasing your business insurance – policy working, benefits, limit, run-off cover, back-dating policies and more. Read now.

This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances.

Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238 983) (“Marsh”) and Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238 369) (“MAI”) arrange the general insurance (i.e. not the Discretionary Trust Arrangement) and are not the insurer.

Discretionary Trust Arrangements are issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417 964) (“JGS”). Any advice or dealing in relation to a Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). The cover provided by a Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.

For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements (PDSs) available from the relevant product issuer. Target Market Determinations (TMDs) are available here.

Marsh, MAI, JGS and JLT are all businesses of the Marsh group.

LCPA 24/610

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication, or any matter contained herein.