Lockton Food & Drink Practice - Insurance Market Update H1 2023

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Food & Drink Practice Group H1 2023 insurance market update

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Lockton Companies LLP

Debbie Day Head of Food and Drink Practice

Luke Withers Food & Drink Practice Leader

H1 2023 Food and Drink sector insurance market update

Source: Producer Price Index (PPI) from the Office of National Statistics

Input and output Producer Price Index (PPI) values, UK, February 2013 to February 2023 Figure 2: Input PPI and output...

Amid this tough environment, many producers are seeking to make changes to their manufacturing processes and supply c...

The food and drink sector in the UK is under considerable pressure to control cost in a tight margin environment whil...

Similarly, increased automation and digitisation can boost competitiveness, efficiency, and ensure a consistent quali...

Debbie Day Head of Food and Drink Practice

Luke Withers Food & Drink Practice Leader

Amid this tough environment, many producers are seeking to make changes to their manufacturing processes and supply c...

The food and drink sector in the UK is under considerable pressure to control cost in a tight margin environment whil...

Similarly, increased automation and digitisation can boost competitiveness, efficiency, and ensure a consistent quali...

Rows of steel tanks for beer fermentation and maturation in a craft brewery.

H1 2023 Food and Drink sector insurance market update | Lockton Companies LLP

Product recall Recent events in the product recall space have shown that the main cost in an event is not driven by t...

There seems to be a lack of awareness around the potential cost of such contamination events. Insurance buyers need t...

Insurance buyers may want to gain a better understanding of the extent of financial balance sheet protection that the...

An industry benchmarking exercise on limit adequacy may be useful. Unlike property insurance, the calculation of loss...

Reliance on inappropriate ‘free’ sub limits granted by liability or property policies leaves businesses, particularly...

identical wafer biscuits being manufactured

There seems to be a lack of awareness around the potential cost of such contamination events. Insurance buyers need t...

Insurance buyers may want to gain a better understanding of the extent of financial balance sheet protection that the...

An industry benchmarking exercise on limit adequacy may be useful. Unlike property insurance, the calculation of loss...

Reliance on inappropriate ‘free’ sub limits granted by liability or property policies leaves businesses, particularly...

Polygon

H1 2023 Food and Drink sector insurance market update | Lockton Companies LLP

Directors’ & officers’ liability Renewed appetite, new entrants and fresh capital have improved conditions for direct...

Mature businessman using laptop in a factory

Directors’ & officers’ liability Renewed appetite, new entrants and fresh capital have improved conditions for direct...

Mature businessman using laptop in a factory

Cyber While investments in automation and digitisation are making businesses in the food and drink sector more compet...

For many businesses, meeting these controls and standards requires significant investment and resources. Whilst obtai...

Preventative Improve weaknesses in information systems to prevent the business from experiencing a cyber attack in th...

Detective Alert businesses to attempts to infiltrate their networks and warn them when a cyber attack occurs.

Corrective Used after a cyber incident to minimise the impact and help to restore functionality as quickly as possibl...

H1 2023 Food and Drink sector insurance market update | Lockton Companies LLP

Casualty With a large workforce engaged in the manual operation of heavy plant machinery, the food and drink sector i...

frozen sour cherries in sorting and processing machines, note shallow depth o field

frozen sour cherries in sorting and processing machines, note shallow depth o field

H1 2023 Food and Drink sector insurance market update | Lockton Companies LLP

Client retention rate

Organic growth in 2022

Lockton is the world’s largest independent insurance broker. What makes Lockton stand apart is also what makes us bet...

LOCKTON overview

9,000+

Associates

97%

Client retention rate

27%

Organic growth in 2022

Clients in over 125 countries

Offices worldwide

Premiums placed

Reinvestment due to our private ownership

Annual charitable donations

Lockton is the world’s largest independent insurance broker. What makes Lockton stand apart is also what makes us bet...

LOCKTON overview

H1 2023 Food and Drink sector insurance market update | Lockton Companies LLP

Lockton Companies LLP is authorised and regulated by the Financial Conduct Authority.

global.lockton.com

For further information, please contact:

Luke Withers UK Food & Drink Practice Leader

T. +44 (0)121 232 4508 E. luke.withers@lockton.com

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