U.S. commercial insurance rates continue to demonstrate aggregate increase above 6%
11 Dezembro 2023 - 10:00AM
WTW (Nasdaq: WTW), a leading global advisory, broking, and
solutions company, today announced that U.S. commercial insurance
prices have sustained an upward trajectory throughout the third
quarter of 2023. According to the latest findings from WTW's
Commercial Lines Insurance Pricing Survey (CLIPS), prepared by the
Insurance Consulting and Technology (ICT) business, commercial
premiums have demonstrated a steady increase of 6.1%. The quarterly
survey compared insurance prices for policies underwritten during
the third quarter of 2023 with those premiums for the same coverage
throughout the same corresponding quarter in 2022, year over year.
Carriers reported an aggregate commercial price change that remains
just above 6%.
The coverage area that experienced the greatest price increase
was Commercial Property, showcasing a notable double-digit surge,
although at a slightly lower rate than in the previous quarter.
Following the trend of price increases was Excess/Umbrella
liability, which also indicated a double-digit increase, at a
higher rate than in the previous quarter, signaling a consistent
uptrend for this coverage throughout many previous quarters. In
contrast, Directors & Officers liability and Cyber coverage
both continued to display price decreases, yet at somewhat slower
rates than in the prior quarter.
"Continuing on an upward trajectory, rates in the third quarter
reflected a subtle shift from the prior quarter," said Yi Jing,
Director, Insurance Consulting and Technology (ICT) at WTW. "While
the overall increase rate was somewhat similar to the prior
quarter, some coverage lines experienced notable double-digit
increases."
CLIPS is a retrospective look at historical changes in
commercial property & casualty insurance (P&C) prices
and claims cost inflation. A forward-looking analysis of
commercial P&C trends, outlook, and rate predictions can
be found in WTW’s Insurance Marketplace Realities
series.
About CLIPS
CLIPS data are based on both new and renewal business figures
obtained directly from carriers underwriting the business. CLIPS
participants represent a cross section of U.S. P&C insurers
that includes many of the top 10 commercial lines companies and the
top 25 insurance groups in the U.S. This survey compared prices
charged on policies written during the third quarter of 2023 with
the prices charged for the same coverage during the same quarter of
2022. For this most recent survey, 43 participating insurers
representing approximately 20% of the U.S. commercial insurance
market (excluding state workers compensation funds) contributed
data.
About Insurance Consulting and Technology
WTW’s Insurance Consulting and Technology business has over
1,200 colleagues operating in 35 markets worldwide. It is a leading
provider of advice, solutions, and software – primarily to the
insurance industry. Its consulting services help clients manage
risk and capital, improve business performance, and create
competitive advantage – by focusing on financial and regulatory
reporting, enterprise risk and capital management, M&A and
corporate restructuring, products, pricing, business management and
strategy.
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led
solutions in the areas of people, risk and capital. Leveraging the
global view and local expertise of our colleagues serving 140
countries and markets, we help organizations sharpen their
strategy, enhance organizational resilience, motivate their
workforce and maximize performance. Working shoulder to shoulder
with our clients, we uncover opportunities for sustainable
success—and provide perspective that moves you. Learn more at
wtwco.com.
Media Contacts
Douglas
MenellyDouglas.Menelly@wtwco.com +1 (516) 972
0380
Arnelle
Sullivan Arnelle.Sullivan@wtwco.com +1 (718)
208-0474
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