In today’s insurance market, excess capacity and increased competition (for the most part) have created opportunity in negotiating terms and conditions. Depending on the line of business, this has come in the form of flat to reduced rates, multiyear agreements, and/or improved coverage.
Overall, we are seeing an easing of terms and heightened competition for business for clients with good to great loss experience.
This update explores how property has softened as competition has stiffened, including how the London market has “ceased to fly in formation.” Ample capacity has kept casualty rates steady, while capacity has shifted from primary to excess for D&O Coverage.
Read about these developments as well as updates in cyber, the global market, healthcare, and real estate in Lockton’s latest Property & Casualty Update.