The gross written premium for general insurance jumped 8.7% in the 2020-21 financial year. This includes commercial policies. Newspack Insurance was able to moderate increases wherever possible and many policy premiums either didn’t increase, or if they did, the increase was contained as much as possible. With such a hardening market for premiums, how can Newsagents minimise what may be premium rises this financial year?
Why your insurance premiums may increase
Insurers calculate premiums by reviewing the risk factors of your Newsagency as well as those in the broader economy. Many reasons underpin the premium price rise, even if you haven’t recently claimed on your insurance. Those factors include:
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