As stage four lockdown restrictions look likely in Victoria, Melbourne based brokerage director Shane Brady of McLardy McShane believes that in these unprecedented times it is crucial that brokers continue their commitment to being fully engaged with clients and their evolving needs.
The State of Emergency in Victoria has been extended until August 16 2020, all scheduled international passenger airline services to the state have been cancelled until further notice and more Australian Defence Force personnel have been deployed to support Victorians.
As the nation nervously watches what’s happening in Victoria, broking professionals have kicked into top gear ensuring the well-being of their clients. Most insurance brokers have some experience interacting with clients at times of hardship or distress and it’s these types of situations that build compassionate and understanding risk advisers.
Brady said, “I’m sure like many other experienced broking professionals we can easily recognise the impact COVID-19 is having in peoples lives and have the tools and personal experience to be rational, clear and helpful in times of need.”
“Being a reliable insurance risk adviser that’s available and understanding is critical, it is often the actions that take the least effort that can make the greatest impact. We always take every opportunity to show clients we are here and that we stand ready to help should they ever need us to.”
The current crisis has compounded an already tense market situation over this renewal period and Brady expects the market to continue to harden, “Weather related events, a litigation heavy D&O space and an accumulation of working losses among other things may have caused insurers to rethink their overall strategies for 2020. Plus capacity does remain an issue for medium to large business and I don’t see that situation changing much in the short term.”
General insurance brokers have a birds eye view across many different industries that gives professionals like Brady a clear picture of the impact COVID-19 is having across the economy.
He said, “In many respects I believe COVID-19 has destroyed entrepreneurial enthusiasm and left gaping financial holes in peoples lives. However we’re lucky to have seen industries such as construction, transport and logistics be largely unaffected and in some cases thrive given the new economic environment.”
Original Article: Insurance & Risk