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Liability insurance market trends 2024

03/12/2024

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Australian liability insurance market conditions improved considerably in the first half of 2024

All businesses may be susceptible to liability claims and, in some professions, it is mandatory to hold some form of liability insurance.

It’s vital for your business to consider protection against legal costs in the event of an incident as coverage may vary – even if you are not at fault. From plumbers to personal trainers and from sole traders to contractors, we’ve got your solution. Helping you to get on with what you do best.

If you currently have or considering purchasing public or products liability insurance to help protect yourself and your business, this liability insurance market update is for you.

This liability insurance market update is part of a bigger report that we publish each year, which covers a wide range of insurance types including property, general liability, financial and professional liability, cyber and much more. 

A closer look at recent liability insurance trends 

Market conditions improved considerably for the Australian liability insurance market in the first half of 2024:

  • Insurance premiums stabilising: We saw liability rate increases much lower than the same time last year. Premiums increased on average between 0-2% in the first half of 2024.
  • Challenging areas: Although market conditions generally improved, some industries and risks still experienced challenges, such as:
    • Rail, pharmaceutical, sports, faith and community
    • Natural catastrophe, bushfire and US exposures
    • Businesses with exposure to per- and polyfluoroalkyl substances (PFAS)

Check out our video below with Marsh liability insurance expert Simon Gaunt, who shares key highlights on the Australian liability insurance market. 

Scroll down to download the full report.

Australian Mid-Year Insurance Market Update for 2024

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

Download the full report

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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.