Introduction
Lockton’s People Solutions Market Update offers comprehensive quarterly insights on the U.S. market dynamics impacting cost management, employee wellbeing, and benefits strategies. In this Q4 2025 edition, we explore the broader industry forces behind system-wide strain and connect high-cost claims analysis with a full picture of how widespread market pressures are shaping employer plan costs.
Contents
Contributors
Shannon Demaree, ASA, MAAA, FCA
EVP, Regional Executive, People Solutions
Rich Allen
VP, Medical Analytics Leader
Chris Bartnik CLU, RHU, REBC, CLF, CHHC
SVP, Growth and Innovation Leader, NE Series
Shealynn Buck, MD
Chief Medical Officer
Kerry Shea McArthur, CEBS
VP, Portfolio Manager
Tyler Mertel
SVP, Unit Leader
Tracy Perez, CEBS
SVP, Director of Collaborative Consulting
Tammy Quinn
SVP, Director of Data Analytics
Slayton Rous
VP, Growth and Strategy, Stop Loss
Chase Wagner
VP, Director of Marketing, People Solutions
Anna Younger
Healthcare Strategy and Innovation Director
Jenae Johnson
Content Strategist, People Solutions
Q3 2025 Market Update recap
As employers respond to a pressured environment as seen in our Q2 2025 Market Update, costs continue to rise. In the Q3 2025 edition, we explored the higher-than-expected medical and pharmacy cost projections emerging from Lockton’s 2025 Trend Study.
