Agile Underwriting Services has commenced underwriting property risks in Australia through its Lloyd’s Syndicate AUS 2427, broadening its offerings for the local market.
The new property line, operating out of Agile’s Sydney office, provides coverage with limits up to $10 million.
Products include industrial special risks (ISR), commercial property owner packages, and single-peril insurance – targeting industries such as agriculture, warehousing, retail, healthcare, hospitality, and light industrial.
Ellie Chen, who joined Agile in September from Argenta Australia, has been instrumental in preparing the product for launch alongside the syndicate’s management team. Agile has indicated plans for additional team expansion to support this initiative.
Robin Barham, Agile’s CEO, said the move represents a strategic step forward for the company.
“The establishment of property capability is a significant advance in the development of Agile’s capability and market offering, and [it] means that we now offer all major product classes for Australian brokers,” he said.
He also noted that the property line will soon integrate with the company’s Powered by Agile broker platform, designed to streamline processes for brokers.
Mark Hunt, active underwriter for Syndicate AUS 2427, emphasised the importance of property insurance within the broker market.
“Property is a critical class for most clients, and our expansion into this market gives brokers direct and immediate access to the Syndicate underwriting team in Sydney. We’re very much looking forward to welcoming this market-leading team into Agile,” he said.
Agile’s property offering enters a market facing notable challenges, according to recent observations by Gallagher.
Australian businesses are dealing with rising premiums, reduced insurance capacity, and stricter underwriting standards due to inflationary pressures and increased claims linked to extreme weather events.
Gallagher highlighted that rapid inflation has increased property and asset values, leaving many businesses with insufficient coverage limits.
Higher rebuilding costs, driven by material shortages and escalating prices for timber and steel, further compound the issue.
Frequent claims stemming from weather-related incidents have reduced the capacity of insurers and reinsurers. This has forced some businesses to layer coverage across multiple insurers, increasing administrative complexities and costs.
Delays in supply chains, labour shortages, and rising costs have prolonged recovery times for businesses after losses.
Many indemnity periods provided in policies may be inadequate under current market conditions, leaving businesses exposed.
According to Gallagher, a lack of awareness about underinsurance risks is widespread.
Many businesses fail to understand how gaps in their policies could leave them exposed to significant financial losses.
Gallagher also reported that insurers are scaling back capacity for high-risk regions, particularly those prone to natural disasters.
Rising premiums and stricter terms have made comprehensive coverage less accessible for some businesses.
