The insurance industry, meanwhile, struggled to keep up with emerging risks and rising claims costs, with balance sheet pressures compounded by record low interest rates, heightened regulatory oversight and competition from other sources of risk financing.
It is clear that 2021 will continue to be a challenging time for the insurance industry and you as insurance buyers. We expect:
Insurers will require far more detailed underwriting submissions and risk management data than ever before to enable them to offer terms
Ensure you have a bespoke program at the most competitive terms available from the most appropriate global providers in the lead up to your 2021 renewal.
The Lion Partnership is a privately owned, specialist consultancy group that supports businesses through the complex and often costly exercise of implementing efficient insurance programs.
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