insurance trends

Insurance trends for 2021 – what do you need to know about emerging trends and risks?

Clearly the global COVID-19 pandemic is the most outstanding impact on insurance trends for both last year and this year. But there are a number of trends that were already underway, and some clear themes that have shown through.

Top insurance trends

The work from home revolution

Working from home (WFH) or remote working has a very different set of risks to those facing an office-based workforce. For one thing, it’s harder to ensure adequate health and safety (even just ergonomics) measures are in place for each individual’s home workspace compared to looking after one combined office space. And there’s been a significant increase of cyber risk, both in cyber attacks but also just maintaining proper data security and cyber hygiene with (sometimes previously untested) remote working systems and a variety of different at home internet set ups.

The rise of online businesses

The innovation we’ve seen thorughout the pandemic has been incredible. Businesses that provided in-person services or had traditional bricks and mortar had to close their physical doors in many cases, but some found ways to continue their business services online instead. Services like hair styling, makeup, photography, etc., looked to provide online tutorials and classes instead of the services themselves. High end restaurants offered takeaway and food delivery as well as cooking classes and at-home experiences. Consider yoga and pilates studios and gyms that previously only attracted customers from a small radius around their physical location who are now offering online or live streamed classes to people in their homes, anywhere! The entrepreneurial spirit is awe-inspiring, but it’s also important to keep in mind that fundamentally changing the purpose and activities of your business

Risk management

They say prevention is better than a cure, and the insurance industry agrees, with a noticeable shift from providing customers with an insurance policy to protect against a loss, to risk management and mitigation. Technology and automation (think of dashboard cams and driver-assist technology for the transport industry, for example) are helping to provide more information and education about risks as well as increase safety and improve decision making to avoid an incident happening in the first place.


We’d be remiss if we didn’t mention travel, or, in many cases, lack thereof. It’s been a horrible impact to our tourism and hospitality industries, as well as keeping international friends and families apart. But it’s not all bad news, many businesses have found savings with meetings that previously would have required employees to travel are now being held via phone or video conferencing. In fact, some have even won new clients that previously might not have considered doing business remotely but now that it’s just our new way of life/new way of working it opens up a whole different pipeline of customers. Maybe we will begin to travel more frequently again, though not likely the same as we did before. When we do, make sure you understand what your travel insurance (if you can get travel insurance) does and does not include. Most covers that we’ve seen specifically excludes the pandemic, so you’ll need to keep that in mind when making any plans for yourself or your employees.

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We hope you found some of our top insurance trends interesting. Make sure to contact us if you’d like to find out more or get a quote for your business.

This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.

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