Shifting Insurance Market Means New Challenges For Buyers
Global insurance broker Lockton has published its Fall 2008 Market Update, a snapshot guide to the latest trends and emerging risks confronting risk managers and insurance carriers today.
The 2008 Lockton Market Update reports that insurance carriers face an ominous set of facts entering the final weeks of 2008. While it is not clear that prices will harden immediately, pressures are looming in the property and casualty insurance market.
“In the first half of 2008 insurer profits declined 57 percent, the industry posted its worst first-half year underwriting performance since 2002, investment returns declined by 18 percent and net written premiums for the industry as a whole were stagnant. Catastrophe losses were double the average of the past decade,” reports Lockton.
Property, Casualty, Executive Risks, Aviation, Energy, Construction, Real Estate, Employee Benefits and other insurance and reinsurance markets including Lloyd’s are covered in the report. In addition, Lockton shares insights on potential technology liabilities and identity theft as well as the new Corporate Manslaughter and Homicide Act in the UK.
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