First Time Administrations August 2024

It’s tough going out there—but there are some silver linings!

We’re seeing a significant rise in insolvencies, especially in the building and construction sectors, followed by hospitality.

First-time administrations for the month of August are down slightly from July, but they are still nearly twice as high as the average between 2017 and 2024. Challenging times, to say the least.

The silver linings: despite the wave of insolvencies, insurers have managed to bank quite a bit over the past couple of years, keeping premium rates relatively soft. Minimum premiums are starting around $8,000, and with five competitive insurers still eager to write new business, it’s a great moment to explore TCI quotes!

Looking ahead, those who have ventured to guess believe the next nine months are likely to see increased insolvencies, but there’s hope for a return to normalcy in the latter half of next year.

Recent sizable insolvencies include Quasar Constructions, which went into administration with over $60 million owed and just $6 million in assets. We’re also keeping an eye on other insolvencies like Premium Fire Services and ANSA Homes. We’re actively collaborating with affected creditors to provide quotes and valuable insights into their other existing clients. 

Get in touch with us today for an obligation free quote: