What we are seeing in June renewals
June renewals remain favourable for operators with strong asset registers, maintenance records, GPS tracking and clean claims. Well-performing fleets are securing rate reductions of 10% or more, and this trend is expected to continue in the near term. While straightforward, lower-risk accounts are benefiting from favourable conditions, insurers are applying increased scrutiny to the use of machinery in higher-risk activities. This includes exposures such as underground operations, crane work in marine, airside or rail environments, and prototype machinery.
With premium rates expected to remain competitive, policyholders should take advantage of current market conditions, including partnering with A-Grade and stable capacity providers, setting excess levels that align with operational risk appetite, and negotiating additional benefits such as claims-experience discounts and enhanced financial protection.
Premium pricing trends
Well-performing fleets are securing rate reductions of 10% or more, with this trend expected to continue in the near term. Pricing is flat to +10% for theft-prone, poorly managed or loss-affected fleets.
Insurer behaviour
Some insurers are chasing premium, particularly for clean fleets. Rational underwriting remains around theft, utilisation, remote sites and operator controls. Both domestic and international insurers remain active.
Claims trends
Claims trends include theft, rollover, operator error, fire, water damage, poor maintenance, under-declared values and hire-contract disputes. Underwriters are also paying closer attention to the elevated fire risk associated with high concentrations of battery-powered units, as is often seen within hire and rental depots. Although pricing impacts have not yet materialised, policyholders are expected to proactively manage this exposure. For hire and rental organisations, inadequate hirer insurance continues to be an issue, shifting a disproportionate share of risk back onto the hire company and ultimately increasing insurance costs.
Legal and regulatory developments
Contractual indemnities in wet-hire and dry-hire arrangements remain important. Construction insolvency and delayed projects may increase plant idle time, storage risk and theft exposure. For hire and rental organisations, maintaining a well-structured hire agreement remains critical, particularly to ensure alignment with the terms and conditions of any relevant insurance policy. Agreements that effectively transfer risk to the hirer can materially reduce claims frequency, support greater pricing stability and improve eligibility for claims-experience discounts.
A significant regulatory change has recently been introduced in Western Australia relating to earthmoving machinery used for lifting operations. From August 2025, WorkSafe Western Australia requires operators to hold an appropriate High Risk Work Licence (HRWL) when using earthmoving machinery as a crane where the safe working load exceeds 3 tonnes — a CN HRWL for non-slewing mobile crane operations and a C2 HRWL for slewing operations. Operators must also be competent for the tasks undertaken and hold appropriate training and experience. Australian Standard AS 1418.8 provides guidance on the special requirements for earthmoving equipment used as a crane, and where the primary use is craneage, compliance with both AS 1418.5 and AS 1418.8 is generally considered a baseline requirement. Insurance coverage remains contingent on plant and machinery being operated in accordance with manufacturer guidelines and relevant Australian Standards. Further information can be found in our article here.
AI and technology impact
GPS tracking, immobilisation, telematics, remote diagnostics and utilisation data are valuable underwriting evidence. AI-enabled safety systems designed to eliminate blind spots and reduce collision risk are becoming increasingly common and are viewed positively by insurers. While policyholders note that these systems remain relatively costly, adoption is expected to grow as technology matures and pricing becomes more accessible. Bellrock continues to monitor their impact on incident frequency and severity.
What policyholders should do now
Update asset registers, confirm insured values, strengthen theft controls, review hire contracts and ensure insurer claims processes suit mobile plant losses. Policyholders who proactively invest in risk mitigation, engage early with their risk advisors and insurers and manage their contractual exposures will be best positioned to exploit current market conditions to their advantage.
At a minimum, Bellrock recommends implementing the following measures to reduce claims activity and support premium optimisation:
- GPS tracking and remote shut-down capability
- Front and rear cameras for road-registered units
- Comprehensive operator training programmes
- Routine and documented equipment maintenance
- Secure overnight storage to mitigate theft and damage
- Ensuring all operators hold appropriate licences and certifications.
For battery-powered equipment, policyholders should proactively manage fire exposure through appropriate fire-suppression measures, compliant charging and storage procedures, and staff training on battery-related hazards.
For hire and rental organisations, Bellrock strongly encourages rigorous verification of hire customer insurance, including obtaining and reviewing certificates of currency.
Continue reading our full range of market updates:
- Insurance Market Overview: July 2026
- Claims
- Workplace Risk
- Corporate and Multinational Risk
- Construction, Property and Development
- Financial Lines
