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Quality and consistency through collaboration

In this seventh edition of the Risk Radar, we are pleased to bring you entries from 23 member firms across 5 continents.  This year, contributions highlight both a number of unique, localised risks but also many that transcend international borders and jurisdictional boundaries.

Changes to regulatory environments feature heavily for many European members who are monitoring the impact of the Digital Operational Resilience Act and the revised Network and Information Security Directive, but firms in the four corners of the globe, including those in China, Brazil and New Zealand, also highlight significant legislative changes in their own jurisdictions.

Climate change is significant and that is reflected across the whole report, with the intensifying consequences of natural disasters reported across the globe.  Cyber and AI also remain top of mind; digitalisation of distribution channels is discussed by Finland, and Australia and Switzerland are monitoring shifting cyber risks.

For Australia, it is noted that the commercial insurance market is poised for steady growth into 2025, driven by increasing demand to address emerging risks such as cyberattacks, climate-related disasters, and regulatory challenges.  These factors underscore the expanding need for comprehensive insurance coverage, highlighting the market's potential. 

However, this growth faces significant headwinds, including increasing scrutiny of what some consider to be an overconcentrated insurance market, cost-of-living pressures on consumers, and the escalating cost of reinsurance.  These challenges contribute to rising premiums and limited insurance availability, which could hinder accessibility and complicate the market's upward trajectory.  While demand is set to grow, these obstacles may restrain the market's full potential.

The top three risks noted for Australia are:

  • Australian insurance regulatory landscape
  • Cyber risk and shifting dynamics
  • Climate change and sustainability pressures.

You can read the full report here.

About Sparke Helmore

We’ve come a long way since our doors first opened in the Hunter in 1882.  We’ve had an office in Sydney since the ‘60s and we recently opened our tenth office in Cairns.

We cover six key areas of law – Corporate & Commercial, Commercial Insurance, Government, Property Environment & Finance, Statutory Lines of Insurance and Workplace – with more than 30 specialised areas of expertise. We’re a truly national, full service and proudly Australian firm that delivers results through deep collaboration with our clients. Wherever our clients need us, that’s where we’ll be.

Covering a big country needs a big team—we’re more than 880 people now and still growing. And in true Australian spirit, we’re friendly, approachable and easy to work with. And when you work with one of us, you get the expertise of all of us.

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