Latest news with #InsuranceConsultingandTechnology
Yahoo
5 days ago
- Business
- Yahoo
U.S. commercial insurance rates continue downward trend, dropping to 5.3% increase
Commercial Lines Insurance Pricing Survey: Q1 2025 NEW YORK, June 10, 2025 (GLOBE NEWSWIRE) -- While U.S. commercial insurance rates demonstrated an increase of 5.3% in the first quarter, the rate continued a downward trajectory compared with the prior two quarters (increases of 5.8% and 5.6%), according to the latest findings from WTW's Commercial Lines Insurance Pricing Survey (CLIPS). The survey compares premiums for policies underwritten during the first quarter of 2025 to those for the same coverage lines in the respective quarter of 2024, demonstrating a year-over-year comparison. Carriers reported an aggregate price increase of 5.3% in the first quarter, down from 6.3% recorded in the first quarter of 2024. Some coverage lines stood out with respect to price change rates in the quarter. Notably, Commercial Auto maintained a double digit increase but lower than prior quarter, while Commercial Property continued a strong downward pricing trend, with just a slight increase for the first quarter, compared to double digit increase a year prior. Additionally, Professional Liability rates displayed a higher increase this quarter but is still relatively low compared to most of the other lines. Yi Jing, Senior Director, Insurance Consulting and Technology (ICT) at WTW, commented, "In the first quarter, we witnessed some interesting trends. Overall, the continued reduction in rate increases is a positive sign for buyers. However, consistent double-digit rate jumps for areas like Commercial Auto signify continued pricing difficulty in the market. The only other coverage area maintaining double digit rate increases is Excess / Umbrella Liability." 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 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. 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 ten commercial lines companies and the top 25 insurance groups in the U.S. This survey compared prices charged on policies written during the first quarter of 2025, with the prices charged for the same coverage during the same quarter of 2024. For this most recent survey, 41 participating insurers representing approximately 20% of the U.S. commercial insurance market (excluding state workers compensation funds) contributed data. Media Contact Douglas +1 (516) 972-0380 Arnelle +1 (718) 208-0474Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
13-03-2025
- Business
- Associated Press
WTW appoints Massimo Cavadini as Head of Product, Pricing, Claims and Underwriting for Continental Europe
LONDON, March 13, 2025 (GLOBE NEWSWIRE) -- WTW, (NASDAQ:WTW) has appointed Massimo Cavadini as Head of Product, Pricing, Claims and Underwriting for Continental Europe. This newly created position further strengthens WTW's strategy of broadening and deepening its market leading role in insurance analytics. Insurers are experiencing a new wave of data-driven decision making that is transforming the industry, from AI in claims and underwriting to greater sophistication in pricing and portfolio management. Cavadini will be responsible for the technological and personnel expansion of consulting and software solutions in the areas of claims processing, underwriting and data science across all functions. Speaking to his appointment, Cavadini said, 'I am excited about the potential for analytics in insurance. WTW combines great technology with a deep understanding of insurance and a truly global approach. I am thrilled to help our clients make better decisions and execute them faster.' Tammy Richardson, head of Insurance Consulting in EMEA, adds: 'Our market-leading Radar suite already powers some of the largest and most successful insurers in Europe. With its new AI capabilities and Massimo's creativity and expertise, we can make that power accessible to more insurers in more ways.' Cavadini joins from Munich Re, where he headed their Global Insurance Solutions team. He holds a doctorate in astrophysics and has previously held roles across Pricing and Underwritring functions at Allianz and Generali. About Insurance Consulting and Technology (ICT) WTW's Insurance Consulting and Technology (ICT) business has over 1,200 colleagues operating 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 in 35 markets worldwide. ICT is a leading provider of advice, solutions, and software – primarily to the insurance industry. Its consulting services help clients manage risk. 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
Yahoo
05-03-2025
- Business
- Yahoo
WTW unveils AI-powered tool to boost insurer performance
Global advisory, broking and solutions company WTW has introduced Radar Vision, an AI-driven performance monitoring tool designed for insurers. Radar Vision builds upon the capabilities of WTW's existing analytics and model deployment solution, Radar. By leveraging AI technologies, it provides early, actionable insights into key factors such as inflation, competitor activity, claims and customer behaviour, the company claims. The tool is expected to deliver a range of benefits for insurers in both personal and commercial lines, including improved underwriting profitability, new growth opportunities and cost reductions. WTW Data Science, Insurance Consulting and Technology global proposition leader Pardeep Bassi said: 'Insurers in today's market deploy and maintain large, expansive predictive model real estates, including increasingly complex machine learning models. Radar Vision cuts through this complexity to deliver monitoring that discovers actionable insights faster, offering a competitive edge and driving business performance. 'We built Radar Vision specifically for insurers and we believe it represents the next milestone in insurance analytics and insurance business management.' According to WTW, current solutions in the market are often resource and time-intensive, relying on outdated, incomplete or inaccurate data. Compared with traditional tools, Radar Vision allows portfolio managers, underwriters, claims specialists and pricing teams to automate calculations and assessments using real-time data and AI algorithms. Bassi added: 'By automating manual processes and applying AI to uncover previously inaccessible insights, Radar Vision improves efficiency and allows insurers to identify changes in actual versus expected performance quickly. 'This presents insurers with a forensic insight of potential risks to their businesses, as well as emerging opportunities where resources should be deployed for enhanced performance.' Radar is part of WTW's Insurance Consulting and Technology division, which focuses on providing advisory services and innovative technology solutions to the insurance industry. The software is currently used by more than 1,000 companies across six continents. "WTW unveils AI-powered tool to boost insurer performance" was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
