Lockton — Commercial Rates Stabilizing

The quarterly Lockton Market Update was released last week and it says insurers selling commercial lines are seeing increased competition. The company’s risk practices leader, Mark Moitoso said this is good news for policyholders wanting more stable, and more predictable, policy renewals.

“Three months ago, we predicted a shift towards a more competitive property and casualty insurance marketplace,” he said. “We are now witnessing these changes, benefiting the buyers of commercial insurance.”

He also noted liability pricing is becoming more predictable and the property market is stabilizing. Conditions are also getting better for directors and officers (D&O), cyber insurers and work comp insurers.

However, problems still persist. Climate change is affecting property insurers as is social inflation and a huge rise in civil litigation settlements.

Here’s more from the report:

• Property insureds are getting more favorable rate terms
• Workers’ compensation insurance is very profitable for insurers
• That is giving clients better, and more competitive rates
• Liability insurance rates are still rising but are more predictable
• Premiums in D&O liability and cyber insurance are dropping

Source link: Insurance Business America — https://bit.ly/4f14TUr