Lockton, a privately owned and independent insurance broker, says conditions remain favourable for US commercial insurance buyers across most classes of cover, creating opportunities to strengthen insurance programmes and secure long-term value.
However, the company warns that changing economic conditions, geopolitical uncertainty and wider industry disruption could alter market dynamics in the months ahead, according to its latest Lockton Market Update.
Published quarterly by Lockton, the report provides an overview of current commercial insurance market conditions and the factors shaping insurance programmes. The July edition examines trends across major areas of cover while considering the economic environment and emerging risks that insurance buyers should continue to monitor.
“Conditions have softened across many lines creating one of the most buyer-friendly markets in years,” commented Vince Gaffigan, Lockton’s US Market Strategy & Engagement Group Leader. “But buyers can’t afford to be passive. In the latest Lockton Market Update, we discuss how organizations can take advantage of current conditions while preparing for the risks and market dynamics that lie ahead.”
According to Lockton, the report includes a question-and-answer session with Song Kim, President of Global Commercial Industry Segments at CNA. It also examines the increasing influence of artificial intelligence as a widespread and multi-dimensional business risk, outlines approaches that could help insurance buyers make the most of favourable market conditions while strengthening long-term programme performance, and considers the global economic and geopolitical landscape together with its potential influence on insurance market trends.
Lockton also highlights the importance of taking a strategic approach to insurance purchasing as organisations respond to a changing risk environment.
“While market conditions remain favorable, the broader environment is far more complex,” added Greg Spore, Lockton’s Director, Market Intelligence, US Market Strategy & Engagement Group. “Early engagement, strong data, thoughtful program design, and long-term relationships have always been important. In today’s environment, they can make the difference between simply securing coverage and building a resilient risk management strategy.”
