^{Recommendations and next steps}

Recommendations
and next steps

This report highlights the favourable conditions currently shaping the FI insurance market, offering opportunities for insureds to enhance their programs and secure better terms. To fully leverage these conditions and address emerging challenges, we recommend the following:

1.

Capitalize on competitive market conditions:

If your program is experiencing flat or minimal decreasing rates, consider marketing your program to explore alternative insurers and potentially secure further reductions or enhanced coverage.
For layered programs, evaluate restructuring options to optimize capacity deployment and pricing. 
Engage with your broker and insurers well in advance of renewal dates to identify opportunities for rate improvements or coverage expansions. 
Use this report’s insights to inform your renewal strategy, identifying key areas to negotiate with insurers. 
Work with your broker to explore blended policies, modular structures, or alternative retention strategies to align with market conditions and emerging risks.

2.

3.

Focus on emerging risks

Strengthen longstanding insurer relationships

Firms in emerging sectors like fintech, digital assets, and AI should strengthen risk management frameworks and ensure robust internal controls which may attract favourable terms and coverage enhancements. 
Proactively address potential cyber vulnerabilities, as insurers are increasingly scrutinizing internal controls and regulatory compliance in this area.

While exploring competition is valuable, maintaining relationships with long-term insurers may provide stability and better claims service, even if premiums are slightly higher.

By taking these steps, insureds can navigate the evolving FI insurance landscape with confidence, ensuring that their programs are well-positioned to address current challenges and capitalize on favourable market dynamics. For tailored advice or further insights, reach out to your WTW contact listed in this report.