shutterstock_1034052487
shutterstock/1034052487
11 June 2019Insurance

Willis Towers Watson survey claims uptick in US commercial insurance prices in Q1 2019

US commercial insurance prices have increased in the first quarter of 2019, but the growth was just under 2 percent, according to Willis Towers Watson.

WTW's Commercial Lines Insurance Pricing Survey (CLIPS) compared prices charged on policies underwritten during the first quarter of 2019 to those charged for the same coverage during the same quarter in 2018.

CLIPS is a retrospective look at historical changes in commercial property/casualty prices and claim cost inflation.

According to the report, while price changes for most lines were similar to or slightly above those reported last quarter, four standard lines indicated material price increases - commercial auto, commercial property, excess/umbrella liability, and directors and officers liability.

For the fourth consecutive quarter, commercial auto showed significant price increases at or near double digits.

The report said that the price changes were positive and of reasonably similar magnitude across all account sizes.

“Overall, price changes were consistent with recent surveys, with the exception of directors and officers liability, where data now indicate an uptick of price increases into the mid-single digits,” said Jeffrey Carlson, director, insurance consulting and technology, Willis Towers Watson.

“Also, while estimates of 2018 claim cost inflation are still elevated compared to the recent past, they have moderated somewhat from estimates provided in our last survey, as the data continue to mature.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Aviva names new Canada, general insurance CEOs amid cost-cutting drive

Insurer charts rise of investor lawsuits in US as M&As draw fire

Charles Taylor InsureTech sets up shop in Dubai to meet rising demand

Barbican hires Vibe's Archer to lead international casualty treaty reinsurance

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
6 June 2019   US-based insurance and financial services provider Nationwide has named Kirt Walker as chief executive officer-elect, succeeding CEO Steve Rasmussen who is set to retire in the fall.
Insurance
29 April 2019   Broker Willis Towers Watson has appointed Christophe Meurier as global head of financial solutions, succeeding Paul Davidson who will continue as chairman of the business unit.
Insurance
18 June 2019   Broker Willis Towers Watson has appointed Gareth Sutcliffe as head of the Insurance Investment Solutions Group (IISG), which is part of the company’s insurance consulting and technology (ICT) UK life business.