The last few years have been tough for many businesses …. Floods, a global pandemic, war in Ukraine, cyberattacks, stock market fluctuations, and now increasing challenges with economic conditions.

Recently, Vero surveyed 2,500 SMEs and 250 large businesses to get an understanding of the needs of business owners when it comes to their insurance.

So, what did they find out?

Broker satisfaction remains high

Strong relationships between brokers and clients mean that satisfaction has remained high with 78% saying they were satisfied with their broker. Customer satisfaction is a key metric and the numbers remain at pre-covid levels.

Direct buyers are increasingly considering brokers

In 2019, 41% of direct buyers said they would consider a broker however in 2023 that number has increased to 62% which is great news for both brokers and clients, given the many benefits brokers have for them.

Economic Concerns

This year 61% say they have economic concerns followed closely by employee and health-related concerns (58%). The biggest economic concern is increased costs, with wages increasing and interest rates being the most significant of these.

Concerns about the economy impact buying decisions and this includes insurance. Businesses are choosing options that can reduce their ongoing costs such as:

  • Increasing the excess
  • Paying monthly

** Stats and information from the Vero SME Insurance Index Survey 2023

If you are feeling the impacts of the downturn in the economy, please talk to our team and we can look at your best options to help your individual needs.

Note: this article contains general advice only & you should seek further information from your personal Rivers Insurance Broker about the impact of any information provided here on your personal or business needs. ABN: 28 010 242 681 AFS License: 247093

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