This is a common and fair question. It can feel frustrating when your premium increases even though you have not made a claim. The reality is that premiums are not only based on your individual claims history, but also on a range of broader factors that affect insurers’ costs and risk assessments across your industry or sector.

• Rising claim costs across the market: The cost of settling claims has increased in many areas, including legal expenses, labour, materials and specialist services. Even if you have not claimed, these rising costs affect how insurers price risk for everyone.

• Impacts of natural disasters or large-scale events: Major storms, floods, bushfires or other disasters increase claim numbers across the industry. This can impact the insurance pool as a whole, including sectors such as construction, engineering, and property-related businesses.

• Changes in your business: Growth in turnover, new services, extra staff or entering new markets can all change your risk profile. Even positive changes can result in an insurer reassessing your premium.

• Market and underwriting changes: Insurers regularly review their appetite for certain industries or types of risk. Changes in reinsurance costs, inflation and claim trends can influence premiums, even if your own record is claim-free.

Your premium reflects not only your own claims history but also the broader risks and trends within your industry and sector. Even if you have not claimed, factors such as rising costs, market conditions, and large-scale events can influence pricing for businesses like yours.

At Webber Insurance, we’re always happy to help explain any premium changes and review whether your coverage is still the best fit for your needs. If you would like to discuss your current insurance, please contact our team.