2024 Gallagher Group Insurance Insights

Gallagher's Group Insurance Industry Insights report explores current trends and challenges within the group insurance and employee benefits landscape.

Organisations today are focused on fostering resilient, future-ready workforces by implementing insurance solutions that reduce people-related risks, enhance employee experience, and improve efficiency.

Key issues shaping the industry include the impact of inflation, which has significantly increased operational costs, making it difficult for employers to adjust compensation accordingly.

Additionally, insurance tied to superannuation is under heightened scrutiny, particularly due to low levels of member engagement, prompting a re-evaluation of superannuation-based insurance arrangements.

Structural shifts in the Australian Group Insurance market are also evident, with new types of insurance and benefit designs emerging to address contemporary needs.

Changes in superannuation legislation are influencing these shifts, with more employers now favouring standalone insurance arrangements rather than relying on integrated superannuation plans, allowing for greater flexibility and customization.

Additionally, there is a clear trend towards prioritising employee well-being, with many organisations committed to creating environments that support employees in both their personal and professional lives.

The report highlights the importance of adapting group insurance and benefits strategies to meet the evolving needs within a complex and dynamic environment.

Read the full report