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ARLINGTON, Va., Dec. 12, 2016 -- Commercial insurance prices in the U.S. were nearly flat during the third quarter of 2016, according to Willis Towers Watson’s (NASDAQ:WLTW) most recent Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies written during the third quarter of 2016 to those charged for the same coverage during the equivalent quarter last year.
Most price changes were comparable with those reported in the second quarter. Data for three lines — workers compensation, commercial property and surety bonds — indicated modest price decreases, while directors and officers data continue to suggest more significant price reductions. In contrast, commercial auto once again experienced meaningful price increases, which have accelerated during the past year. For most other lines, price increases were in the low single digits. Price changes were similar across segments, though slightly negative for large accounts and mildly positive for small and mid-market ones.
“Unfavorable loss trends persisted in commercial auto,” said Alejandra Nolibos, director in Willis Towers Watson’s Americas Property & Casualty Insurance practice. “But, initial loss ratio indications suggest that insurers are achieving price increases that help hold the line.”
About Willis Towers Watson
Willis Towers Watson (NASDAQ:WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
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. property & casualty insurers that includes many of the top 10 commercial lines companies and the top 25 insurance groups in the U.S. This particular survey compared prices charged on policies written during the third quarter of 2016 to the prices charged for the same coverage during the same quarter of 2015. For the most recent survey, data were contributed by 41 participating insurers representing approximately 20% of the U.S. commercial insurance market (excluding state workers compensation funds).
Media contact Josh Wozman: +1 703 258 7670 [email protected]
