Welcome to our second edition of the Lockton Companies LLP Insurance Market Update which includes a new territory spotlight featuring Australia.
As we enter the last quarter of 2021, we have seen some amelioration in rating increases with new capacity entrants and remedial rate correction now starting to bolster insurers' combined ratios.
Whilst insurers will continue to push for rate to manage economic and profitability headwinds, much of the portfolio correction has been achieved for legacy risks, except for certain classes of business, cyber being the most notable.
There continues to be significant scrutiny on coverage and terms and conditions, together with a desire for rate adequacy.
In summary, early and pro-active engagement, supported with focused analytics, strong client messaging and a well-executed plan helps in differentiating clients to achieve the best market results.
We hope you find the latest content informative and that it provides you with useful insights to current market trends and challenges.
Please click here to download (opens a new window) the Lockton Companies LLP Insurance Market Update H2 2021.
