Aon NZ Insurance Market Insights March 2023
Our March 2023 NZ Insurance Market Insights summarises how the insurance market has developed across key products and market dynamics over the last quarter of 2022, trends to watch in early 2023, and includes tips for navigating today’s market, to ensure you are better informed and able to make better decisions to protect and grow your business.
As the world continues to emerge from the global pandemic, 2022 proved to be another challenging year. The impacts of the war between Russia and Ukraine starting in February 2022 span far and wide and are likely to continue for the foreseeable future. Also in 2022, economic difficulties grew as worldwide inflation soared throughout the year. Governments and central banks took drastic actions to stem the tide, but the economic landscape is likely to remain fragile for some time.
These challenges, as well as others related to cyber, supply chains, food security, climate transition, energy security, ESG and public sentiment are likely to create new pressures on businesses over the medium to long term. Since these risk areas are evolving and highly interconnected, it is ever more vital that businesses commit to building resilience, including maintaining a well-informed, broad strategic approach to risk, and forensically review their exposures ensuring insurance coverages reflect their ongoing need in a post COVID-19 and inflationary driven environment.
Say hello to your local Aon broker to discuss topics included in the March 2023 Insurance Market Insights report or to find out more about insurance and risk management.