This podcast series was created to provide clients and prospects with insurance market content, readily available through various streaming channels.
The current series highlights the truly cyclical nature of the global insurance market and reinforces the importance of communicating current and future market changes – as well as any potential impact for our clients.
These Q1 episodes share a common theme: Despite suffering significant insured losses in recent years, the global insurance market is softening. Listen to our podcast series to learn how the landscape differs across our regions and specialties.
For insurers and reinsurers, there's a focus on growth despite these high loss ratios. For brokers, there is an emphasis on creating alternative options for clients in what is a changeable market, as well as creating competition to drive the best possible outcomes. Superior claims performance continues to be a key priority as a differentiation between markets.
Analytics retain a significant role in improving the understanding and management of client exposures, ultimately to deliver better market outcomes. But will increased data granularity, potentially create more uninsurable risks? And could we see a possible flight to quality by the insurance market, leaving less attractive risks with less market choice.
As the industry is moving towards more digital trading, reducing frictional costs and improving the overall market experience, there’s potential for digital placement facilities like Gemini (Willis’s auto-follow facility) to improve distribution and efficiency for clients and participants across the wider market.
Top takeaways for Q1 2025
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01
Favorable market conditions for buyers
The current market conditions are to the most part very favorable for buyers of insurance, allowing them to challenge current pricing; to potentially expand their insurance coverage or explore previously uninsured risks.
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02
The growing importance of analytics
Analytics are becoming increasingly important, helping to understand client exposures and to ensure effective terms and conditions.
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03
Managing insurer relationships
The challenge of managing insurer relationships during market cycles remains paramount for brokers and clients. There is a focus on maintaining strong relationships with insurers - however clients should consider challenging the status quo and moving business to alternative markets if incumbent carriers are not competitive.
Disclaimer
Please note the observations in the Global Marketplace Insights podcast series are based on our experience with WTW clients and trends across the global markets, but they are not a whole market study.
WTW hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, WTW offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
