It’s still a buyer’s market in commercial insurance. Major changes have created strong competition, ample capacity and lower prices during the past several years.
Lockton’s December 2016 P&C Market Update states that the competitive landscape continues, as does a soft market. Merger and acquisitions, restructuring, management consolidation and geographic expansion are all factors in the current environment.
Overall, the net effects of current market conditions mean sustained improvements in premiums, term and conditions, as well as options for buyers. In addition, investment in analytics to leverage key data has brought enhanced value to clients.
Read the full December 2016 P&C Market Update here.