Global retail operation

PriceSmart is a members-only retail club with more than 30 membership clubs in Central America and the Caribbean and more than $3 billion in sales.

Preparing for Mother Nature

With nearly 40 locations throughout the Caribbean, Central, and South America, PriceSmart is no stranger to risks associated with hurricanes, volcanoes and earthquakes. Property insurance premiums are one of the wholesale retail club’s major costs in their risk management program. They challenged Lockton to improve costs and coverage from an already industry-leading property program. Lockton delivered and when hurricanes in 2017 left many other retailers damaged and closed for months, PriceSmart reopened their doors within five days thanks to their risk management approach.

I believe Lockton shares the underlying philosophy of wanting to do the right thing and helping us do the right thing. "

- Atul Patel, PriceSmart Senior Vice President and Treasurer

Tremendous growth

Along with high quality groceries and fresh produce, PriceSmart offers brand name merchandise including electronics, computers, home appliances, office equipment, hardware, sporting goods, apparel, and more. Founded in 1976, PriceSmart has experienced tremendous growth in the past 15 years.

More than just cost savings

At the beginning of that growth period in 2002, PriceSmart decided to revisit its risk management and insurance procurement processes. While the primary driver was to find a more cost-effective solution, they discovered a relationship with Lockton offered more than just savings.

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After Hurricane Irma and Hurricane Maria devastated the Virgin Islands in 2017 many businesses remained closed for months. PriceSmart reopened their doors within five days. Read how Lockton helps PriceSmart prepare for risks associated with natural disasters for their members-only retail clubs.