What we have seen in June renewals
June renewals have been more defensive for Property Valuers than general PI. Insurers remain focused on lender reliance, private credit, development valuations, “as if complete” assumptions and file quality. There is greater appetite for insurers to assess valuers individually, based not just on claims history but also upon sound internal risk management systems, rather than collectively considering what was previously a less attractive profession from an insurance perspective. This increased appetite and risk management maturity are leading to better policy coverage and premium outcomes.
Premium pricing trends
Pricing is flat to modestly soft for clean firms and flat to +15% for firms with development, lender-panel, non-bank lending, private credit or claims exposure.
Insurer behaviour
Insurers are rational and wording focused. They will not simply chase premium where policy endorsements or prudent lending conditions are not being complied with. We do, however, continue to see some troubling issues in the market. Some insurers are applying full consequential loss exclusions which potentially effectively undermine the value of a PI policy for valuers. Some valuers are still insured with Unauthorised Foreign Insurers (UFIs). UFIs are insurance companies domiciled overseas that are not licensed by APRA, do not need to follow APRA’s strict capital adequacy and prudential standards, are excluded from the Australian Financial Claims Scheme and offer no automatic access to the Australian Financial Complaints Authority (AFCA) if a claim goes unpaid.
Claims trends
Claims trends include valuation reliance, refinancing stress, failed developments, feasibility assumptions, lending loss, private credit disputes and instruction ambiguity. Non-Bank Lenders (NBLs) remain an issue for some insurers in the market, though capacity for NBL risk coverage is still available and it is important that valuers work with their insurance advisor to properly present their business to insurers. On the credit side of NBL valuation instructions, many NBLs are prepared to accept retainers and valuation agreements drafted by valuers, leading in some instances to a much fairer division of risk sharing in lending decisions. Many valuers are communicating more regularly with their clients, especially NBLs and those instructed to undertake complex non-lending valuations.
Development property valuations for NBLs remain a concern for some insurers. Heightened consideration by valuers and their advisors of prudent lending contractual terms and conditions, plus appropriate disclaimers in valuation reports, is positive risk management and produces a better risk and insurance outcome.
Legal and regulatory developments
Aquamore-style prudent lending and policy-endorsement compliance issues are critical. Valuers must understand that policy conditions can determine indemnity even where the professional work is otherwise defensible. UFIs present a significant regulatory risk as they are not licensed by APRA, policyholders will have no access to the Australian Financial Claims Scheme and no automatic recourse to AFCA in the event of an unpaid claim.
AI and technology impact
Automated valuation models and AI-assisted market, regulatory and legal research tools, collectively referred to as AI valuers’ research, whilst offering opportunities for obtaining some information in aid of completing a valuation, are being used with considerable caution. AI hallucinations leading to flawed responses to information sought have put the valuation profession, and other professions, on notice of the danger of blind reliance on AI valuers’ research. Valuation is a profession based on conclusions and opinions requiring personal judgment founded upon appropriate individual expertise and experience. As courts recognise, valuation is an art not a science, and the API has recognised this distinction within sections of its Rules of Professional Conduct when defining what constitutes a valuation.
What policyholders should do now
Review APIV compliance, prudent lending language, lender instructions, assumptions, valuation methodology, disclaimers, file notes, peer review and notification protocols before renewal. Valuers should ensure they are not insured with UFIs and should work closely with their insurance advisor to properly present their business, particularly where NBL or development valuation exposure is involved.
In terms of additional support available to policyholders, Bellrock’s approach to valuers is supported by the expertise of Lindsay Joyce, who joined the team in June 2025 bringing extensive experience across insurance, legal and business disciplines, with depth in both the London and Australian markets. Lindsay specialises in insurance law with a focus on property valuation, and his involvement extends beyond placement to include contract reviews, assistance with drafting disclaimers and valuation reports, and in-house risk management training. Personal claims support is also available, with Lindsay able to attend mediations, conferences and hearings when required.
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
