Lockton, a privately held independent insurance broker, said conditions remain favorable for U.S. commercial insurance buyers in most coverage categories, creating opportunities to strengthen insurance programs and ensure long-term value.
However, the company warned that changing economic conditions, geopolitical uncertainty and broader industry disruption could alter market dynamics in the coming months, according to its latest report. Lockton Market Update.
The report, published quarterly by Lockton, provides an overview of current commercial insurance market conditions and factors affecting insurance plans. The July edition explores trends in key underwriting areas, taking into account the economic environment and emerging risks that insurance buyers should continue to monitor.
“Things have softened in many sectors, creating one of the most buyer-friendly markets in years,” commented Vince Gaffigan, head of Lockton’s U.S. market strategy and engagement group. “But buyers cannot afford to be passive. In the latest Lockton market update, we discuss how organizations can take advantage of current conditions while preparing for future risks and market dynamics.”
Lockton said the report included a question-and-answer session with Song Kim, CNA’s president of global business industries. It also examines the growing influence of artificial intelligence as a broad and multidimensional business risk, outlines approaches that can help insurance buyers take advantage of favorable market conditions while enhancing long-term program performance, and considers the global economic and geopolitical landscape and its potential impact on insurance market trends.
Lockton also emphasized the importance of taking a strategic approach to insurance as organizations navigate the changing risk environment.
“While market conditions remain favorable, the broader environment is much more complex,” added Greg Spore, director of market intelligence at Lockton’s U.S. Market Strategy & Engagement Group. “Early engagement, strong data, thoughtful plan design and long-term relationships have always been important. In today’s environment, they can make the difference between simply ensuring coverage and building a resilient risk management strategy.”
