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Lockton says stronger capacity is boosting US commercial insurance choice
Lockton cautions that the market is also becoming more complex, urging buyers to reassess how their programs are structured for the risks they face.
Lockton, a privately held independent insurance broker, said US commercial insurance buyers are operating in a market with strong capacity and competition, which is expanding choice across multiple insurance lines.
In its latest quarterly Market Update, Lockton noted that favorable conditions can allow buyers to seek more suitable terms, but it also described the wider market as increasingly complex.
The broker said organisations may need to consider their insurance programs more broadly instead of focusing only on premium rate changes, and it highlighted using current market conditions when reviewing risk strategies.
Lockton’s US Market Strategy and Engagement Group Leader Vince Gaffigan said buyers should look beyond just rate and evaluate whether their programs are appropriately structured for the risks they face.