ARLINGTON, Va., Sept. 12, 2016 (GLOBE NEWSWIRE) -- U.S. commercial insurance prices were nearly flat during the second quarter of 2016, according to the most recent Commercial Lines Insurance Pricing Survey (CLIPS). Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company, conducted the survey, which compared prices charged on policies underwritten during the second quarter of 2016 to those charged for the same coverage during the equivalent quarter last year.
For most commercial lines, price changes were comparable with those reported in the first quarter. Also consistent with the previous quarter, three lines (workers compensation, commercial property, and directors and officers) reported price decreases. Conversely, meaningful price increases were once again reported for commercial auto. Most other lines generally showed decelerating price increases in the low single digits. For the seventh consecutive quarter, price increases were small in aggregate for both large accounts and the middle market. Also like prior quarters, price changes for small accounts were small.
“The CLIPS results continue to highlight the different realities of the commercial market,” said Alejandra Nolibos, director in Willis Towers Watson’s Americas Property & Casualty Insurance practice. “Yes, the overall result is a modest increase in prices. But that simple measure masks opposing and persistent trends by line worth paying attention to.”
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.
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 underwritten during the second 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).
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Source:Willis Towers Watson Public Limited Company