H1 2024 - Banking Market Update GB

In this H1 2024 Banking Market Update, we are pleased to provide our thoughts on the current state of the insurance market and our insight into what to expect for the rest of 2024.

Insurance market conditions continue to be favourable for the banking sector, driven by new capacity entering into the marketplace and aggressive new business targets. However, the current environment may be nearing the end of the cycle, and we anticipate the rate reductions we have seen over the past couple of years to the level off/reduce during H2 2024.

Environmental, social, and governance (ESG) and climate change remain high on the agenda of banks and regulators worldwide. Other major areas of focus are Cyber Security, the increased use of Generative AI, APP Fraud and operational resilience.

At WTW, we remain focused on working to negotiate better terms from insurers on behalf of our clients and manage clients’ expectations accordingly by building honest and constructive relationships to support better outcomes.

Against this backdrop, firms proactively engaging with their brokers will be more likely to succeed in obtaining the most favourable insurance terms available in the current market.

Should you have any questions or wish to discuss any of these issues in greater detail, please do contact me or a member of your WTW team.