For most of the last decade, the global insurance market has sustained falling profitability due to two dynamics; high underwriting losses driven by catastrophic weather events, and low investment returns.

This has driven insurers and reinsurers to drive premiums higher and be less open to higher perceived risks.

All this is now changing according to Michelle Forbes, Alpine Insurance Specialist with AJ Gallagher Insurance Brokers.

“The market started turning in late 2023 as profitability returned to the global underwriting scene,” reported Forbes.

“In Australia this has seen risk appetites open up, particularly in areas previously perceived to be at high risk from bushfire.”

Gallagher Insurance Brokers have recently been working with a range of international underwriters to help them better understand the risks faced by Alpine clients and therefore offer more competitive insurance premiums.

“The reality is that most underwriters have a limited understanding the risk of a claim by Alpine clients. We have been able to profile our Alpine communities and demonstrate that most properties in our Alpine villages are very acceptable risks, that should reflect in more reasonable insurance premiums,” said Forbes

We asked Forbes what property owners should be doing to optimise their insurance premiums.

“You will get the best premium outcome if you ensure your property is well maintained, inspected regularly during the non-winter months and compliant with building and safety requirements. Ironically, some of the biggest claims in Alpine of recent years have been due to flooding from plumbing failures, not fires,” Forbes answered.

And what should property owners do if their premiums are not coming down?

“Just reach out to us and we will be happy to have an obligation free consultation on what you should be able to achieve.”