A market update of the asset management industry focusing on D&O and E&O insurance.
In this H1 2024 Asset Management Market Update, we are pleased to provide our thoughts on the current state of the insurance market for asset managers and the funds they manage, and some thoughts on what to expect throughout 2024.
During recent months, the environment for procuring Professional Indemnity (PI)/Errors and Omissions (E&O) and Directors' and Officers' (D&O) Liability insurance – collectively known as investment management insurance (IMI) – has been favourable for asset managers. The combination of aggressive insurer growth targets and new entrants in the global insurance market have increased competition and capacity available in all major markets. IMI renewals through 2023 achieved premium reductions in most cases and we expect this pattern to continue through 2024.
Effective risk management and corporate governance remain high on the agenda of firms and regulators worldwide, with continued focus on ESG factors as well as operational resilience, especially in the context of cyber security. The evolving regulatory framework across financial services requires a dynamic approach to risk management, and at WTW we remain fully engaged in supporting our clients manage the latest risk trends and developments impacting asset managers. We are committed to achieving the best possible insurance outcomes for our clients as a key part of their risk management strategies.
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H1 2024 - asset manager market update – gb & na
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