Market improves as premiums begin to stabilize in the Commercial Insurance Marketplace
15 5월 2024 - 2:41AM
According to the latest Insurance Marketplace Realities report from
WTW (Willis Towers Watson, NASDAQ: WTW), a leading global advisory,
broking and solutions company, premiums and rates have begun to
stabilize across most industries and coverage areas in North
America. Carriers have developed a comfort in quoting more client
risk programs than they did a year ago, contributing to stability
throughout the market.
From a macro perspective, ample capacity is available across
many lines of business in 2024, which has led to increased
competition, stabilized rates, and more consistent program
structures. Outside of excess casualty and terrorism, it has become
a buyers’ market where clients are driving program improvements
through coverage terms, program structure and price.
Drilling down into the market undercurrents across specific
industries, economic factors have continued to influence insurance
trends. Construction, for example, has shown improved conditions
driven by demonstrable industry growth, expanded infrastructure
investment and improved risk controls. The expected construction
activity in infrastructure, renewable energy projects, industrial
manufacturing, and healthcare will support that particular
insurance market.
Within the financial institutions space, the market is providing
an abundance of capacity, and premiums have remained stable, while
the banking sector, for example, has experienced minor premium
decreases.
Jon Drummond, Head of Broking, North America, WTW, commented,
“With meaningful capacity returning to many major product lines, we
are confident in our ability to deliver excellent renewal results,
and help our clients pursue the efficient frontier of risk.”
Key Price Predictions for 2024
Property |
CAT-exposed |
-5% to +10% |
Non-CAT exposed |
-5% to +5% |
Domestic casualty |
General liability |
+2% to +8% |
Umbrella (high hazard) |
+8% to +15% |
Excess (high hazard) |
+10% + |
Excess (low hazard) |
+2% to +7% |
Workers’ compensation |
–5% to +2% |
Auto |
+4% to +10% |
International |
Flat |
Executive risks |
Directors’ and officers’ public company (primary) |
-10% to Flat |
Directors’ and officers’ private / not-for-profit (overall) |
-10% to Flat |
Side A / DIC |
-10% to Flat |
Errors and omissions (large law firms) |
+2% to +8% |
Employment practices liability (primary) |
Flat to +10% |
Fiduciary (financial institutions) |
-5% to + 5% |
Cyber |
Cyber |
-5% to Flat |
Political risk |
Most risks |
+10% to +40% |
|
Terrorism and political violence |
Terrorism and sabotage |
Flat to +10% Non-volatile territories+10% to
+25% Volatile territories |
Political violence |
Flat to +15% Non-volatile territories+15% to +30% Volatile
territories |
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 Contact
Douglas Menelly, Public Relations Lead, North
AmericaDouglas.Menelly@wtwco.com | +1 (516) 972 0380
Arnelle Sullivan, Public Relations Associate, North
AmericaArnelle.Sullivan@wtwco.com | +1 (718) 208-0474
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