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Lockton, one of the world’s largest insurers whose private ownership empowers its 13,100+ associates doing business in more than 155 countries to focus solely on clients’ risk, insurance and people needs, has released their Q2 market update.
The update covers:
- Market overview
Premiums across the Lockton portfolio have decreased by an average of 12% year-on-year, at the same time that insurers continue to broaden their coverage.
- Retail sector under siege
Several high profile retailers have been subjected to cyber attacks recently, including Co-op, Harrods, and of course the high profile attack on M&S.
- UK government’s enquiry into the M&S cyber attack
M&S chairman Archie Norman was questioned by the government in July, with his answers revealing that profits at the retail giant have been hit by as much as £300m.
- End of year outlook
Competitive pricing to attract clients is likely to continue, although lingering threats may affect this. Innovation will remain key too, with insurers wanting to find new ways to both attract and serve customers.
Head over to the Lockton website now to learn more and download the full report.
Image: Lockton
Robert Welbourn
Robert Welbourn is an experienced financial writer. He has worked for a number of high street banks and trading platforms. He's also a published author and freelance writer and editor.
