Global insurance broker Lockton has published its Spring 2008 Market Update, a snapshot guide to the latest trends and emerging risks confronting risk managers and insurance carriers. The 2008 Market Update contains contributions on subjects ranging from U.S. terrorism legislation to the challenge of covering potential technology liabilities and identity theft. It is written by 30 world-leading authorities on risk.
Property, Casualty, Executive Risks, Employee Benefits, Aviation, Energy, Construction, Real Estate and other insurance and reinsurance markets including Lloyd’s are also covered in the report. It also includes reports on regions of the world including the U.S., UK, Europe, Africa, Asia and Latin America.
Highlights include:
- U.S. Director’s and Officer’s Coverage: “Overall, despite the credit/sub-prime situation and the economic downturn, we expect rates to continue to trend downward. There will be exceptions to this – particularly certain sectors including financial institutions, home builders and real estate,” writes Rodger Laurite, Lockton senior vice president in Atlanta.
- Global Casualty Coverage: “The market continues to fall even for the most exposed of risks. As new underwriters enter the market, the incumbent carriers are ever more intent to maintain their renewal business, even at reduced prices. As with last year, we anticipate a global average reduction of 10-15 percent,” writes Tony Hardy, Lockton managing director of Global Casualty lines in London.
- Global Energy: “As a result of the high rate levels, new capacity has entered the energy market… As we enter 2008, it is clear that the market has resigned itself to further rate reduction which could escalate as the year progresses,” says John Rathmell, president of Lockton Marine and Energy in Houston.
For more information on Lockton and its insurance and risk services, visit www.lockton.com.
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