Lockton senior leaders recently met with executives from more than two dozen of our key insurance carriers. With the recent hurricanes, earthquakes, and wildfires, we want to share preliminary insight about how these events may affect your insurance pricing in the months ahead.
First and foremost, the scope of catastrophe (CAT)-related losses is not yet fully realized and the picture is just emerging. As such, this message is the first in a series of ongoing client advisories to inform you about potential market shifts following these events. Our focus is on ensuring that, over time, you have a clear picture of the broader marketplace dynamics and that there are no surprises with your renewal.
Here is a summary of what we heard during our carrier discussions:
Summary of Loss Impact
Summary of Rate Forecast
Please note, the above represents only the initial messaging as carriers seek to understand the full scope of their losses. Lockton continues to have open and transparent discussions with the marketplace. As your advocate, we will continue to monitor carrier pricing to ensure that you are not surprised by your renewal terms and have time to make informed decisions. More importantly, we will work closely to ensure that underwriters are evaluating our clients’ unique characteristics and providing pricing and terms that are market-competitive.
Look for further updates from your team in the weeks ahead.
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