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Our Chief Financial Officer, Simon Schwarz, takes you through the weekly updates for the month of June on how BizCover is tracking through the COVID-19 economic crisis in Australia.
Our indices continue to improve, with New Business enquiries and sales now firmly around 20% above baseline levels and looking like they will continue to improve. Renewal rate is back to pre-crisis baseline, and cancellation rate seems to be stabilising at 20% better than (below) baseline.
The indices keep moving in the right direction, with New Business enquiries and sales rebounding above baseline again after last week’s long weekend, and cancellation rate stabilised at around 30% better (less) than baseline levels for most of June.
The indices show that New Business enquires and sales are increasing again after the long weekend; we are expecting that these will really improve once last Monday’s public holiday rolls out of the 7-day average and we move towards the end of June which is typically a high sales period.
The cancellation rate is also continuing to improve, having dropped to around 40% better (lower) than baseline levels, which is the best it has ever been.
The indices continue to show improvement of our economic environment as Australia continues to emerge from lockdown. Ignoring the dip over the long weekend, New Business submissions and sales have stabilised at around 20% above baseline, and cancellation rate remains at around 20% better (lower) than baseline levels. The renewal rate is slowly trending back to baseline, and is now only 3% below pre-COVID levels.
We will be watching to ensure that these trends continue after public holiday yesterday, and continue trying to grow our business back to pre-crisis budgeted levels, which we are still a way off.