Australian insurers will have to be more innovative to boost revenue and market share given the soft market, says Deloitte’s annual Global Insurance Industry report.

Deloitte Managing Partner NSW John Meacock says organic growth, through product development, is the best way forward for insurance companies.

“There has rarely been a more challenging time in the industry. Insurance companies across the world find themselves juggling ways to improve profitability, to grow and to compete.”

The report says insurers need to develop innovative bundles of products and services, cross-sell more effectively, strengthen their relationships with agents and brokers, and seize the opportunities presented by emerging markets.