Please find appended the year end quote from Dr. Sandeep Dadia, CEO & Country Head, Lockton.
Date
12/29/2024 3:40:34 AM
(MENAFN- Adfactors PR) One of the key developments this year has been the enhanced focus on personalized insurance solutions. Leveraging AI-driven data analytics, insurers are now better equipped to understand customer needs, analyze behavior patterns, and deliver tailored offerings. This shift toward personalization has improved customer engagement and enabled the creation of cost-effective, risk-specific products for individuals and businesses alike.
As organizations become more attuned to optimizing their risk management strategies, the concept of Total Cost of Risk (TCOR) is gaining prominence over the traditional focus on Total Cost of Premium. Businesses are increasingly evaluating the broader financial implications of their insurance and risk management decisions, including uninsured losses, administrative costs, and indirect risks. This strategic shift encourages businesses to adopt holistic risk solutions that minimize their overall cost of risk, rather than merely reducing premiums.
With the increase in data breaches and cyber incidents, cyber risks have become a major area of concern for businesses across industries. The past year has underscored the importance of adopting cyber insurance policies as a critical risk management tool. At Lockton, we anticipate a significant uptick in demand for comprehensive cyber insurance solutions, covering financial losses, reputational damage, and regulatory liabilities. Going forward, businesses must proactively assess their vulnerabilities, invest in robust cyber protection strategies, and consider insurance as a non-negotiable safeguard.
Looking ahead to 2025, we see the insurance landscape evolving to address niche yet high-potential opportunities. Specialized offerings such as space insurance (for satellite launches and aerospace ventures), Protection & Indemnity (P&I) insurance (for maritime risks), and risk solutions for emerging industries are expected to gain traction. In 2025, our focus remains on driving innovation, delivering unmatched client value, and addressing new-age risks with agility. By blending technology with expertise, we aim to support businesses in navigating an increasingly complex risk environment. We are excited about the opportunities ahead and remain steadfast in our commitment to making insurance accessible, efficient, and future-ready.”
MENAFN29122024005232011781ID1109038821
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.