In his introduction to Vero’s 2021 SME Insurance Index, the company’s head of commercial intermediaries, Anthony Pagano, pondered some of the major changes he’s seen since the first edition of the index was published 10 years ago. 

‘We have seen digital technology evolve from cutting-edge to mainstream, experienced an increasing number of natural disasters and, in the last year, lived through the impacts of an extreme bushfire season and a global pandemic, as well as our first recession in more than two decades,’ he wrote.

The pace of change is a challenge for any business to navigate, and Pagano believes brokers will continue to play an important role here in helping small to medium-sized enterprises (SMEs) manage emerging risks.

The index, which polls more than 1,500 business owners and decision-makers from around Australia each year, also identified a swing to more client involvement in insurance choices.

‘In the past, many SMEs preferred to “set and forget” their insurance and to delegate to experts,’ the report says. ‘However, in the past 10 years we have seen an increase in the number of SMEs who say they want to be involved in their insurance.’

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