WTW-美國商業(yè)保險價格總漲幅超過6% Surveying commercial insurance -Pricing and profitability 2023 Q4 Update

Surveyingcommercialinsurance

Pricingandprofitability

2023Q4Update

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Nowmorethanever,pricemonitoringiskey

Howareprices

affectedbychangesin

investmentincome?

Whatisreally

happeningto

underwritingresults?

Howdoespricing

comparetoindustry?

Howarelosscosts

changing?

Economic

Uncertainty

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7%

7%

6%

6%

6%

6%

5%

4%

MostofthelinescontinuedtohavemoderatetosignificantrateincreasesinQ4

9%

8%

7%

6%

5%

4%

3%

2%

1%

0%

Year-over-yearpricelevelchange

8%

7%7%

2021-22021-32021-42022-12022-22022-32022-42023-12023-22023-32023-4

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Lossratiosdecreasedin2023

Changeinearnedlossratios

1.0%

0.0%

-1.0%

-2.0%

-3.0%

-4.0%

-5.0%

0.1%

(1.8%)

2021-2022

2022-2023

Source:2023Q4CLIPS.

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Inthiscontext,reliable

informationonhowyourcompanycomparestothemarketplaceiscrucial

?CLIPSisWTW’sU.S.commerciallinespricingandprofitabilitysurvey

?Informationcomesdirectlyfromcarriers

?Data-based

?Free

?Confidential

?Onlyparticipantsreceivethedetailedsurveyresults

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Surveycalldistributed

Surveysubmissiondeadline

Surveyresultsdistributed

CLIPSgivesparticipantsmoreandbetterhistoricalinformationonpricingandprofitability

?Wecollectinformationfromparticipatingcompanieseachquarter

–Estimatedpricechangesbyquarterforthelasttwoyears

?Year-over-yearpercentagechanges

?Includingtheeffectsofcoveragechangesaswellasrates

?Includingnewbusinessifavailable

–Estimatedincreasesinlosscostsbyyearforthelasttwoyears

?Wedelivercustomizedsummaryresultsbacktotheparticipants

April1April30June10July1

Submitteddataarereviewedforreasonablenessandconsistencybutnotaudited

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CLIPSinformationiscollectedandreportedatlineofbusinessandaccountsizelevel

Small

commercial*

Middlemarket

commercial

Largeaccount

commercial

Specialty

commerciallines

?Workers’

compensation

?Autoliability

?Autophysicaldamage

?PackageCMP/BOP

?Commercialproperty

?General/productsliability

?Excess/umbrellaliability

?Workers’

compensation

–Firstdollar

–LDDandexcess

?Autoliability

?Autophysicaldamage

?PackageCMP/BOP

?Commercialproperty

?Cyber

?General/productsliability

?Excess/umbrellaliability

?Workers’

compensation

–Firstdollar

–LDDandexcess

?Commercialauto

–Firstdollar

–LDDandexcess

?Commercialproperty

?Cyber

?General/productsliability

?Excess/umbrellaliability

?Professionalliability

–Medical

–Lawyers

–Architectsandengineers

–Other

?Directorsandofficers'liability

?Employment

practicesliability

?Suretybonds

–Contract

–Other

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Investmentanalystsuse

CLIPStotakethepulseoftheindustry

…WTW’ssurveytakesthecommerciallineswriters’view(whattheyhavedonewith

pricingandhowthatimpactsprofitability).

WethinktheWTWsurveywillbeabetter

benchmarkforinvestors(andmanagement).

—Insuranceindustryinvestmentanalyst,quotingCLIPSresultsshortlyafterlaunch

Currentparticipants—

andtheirshareholders—benefitfrominsightsfromCLIPS

…Wecontinuetofocusonbalancingprice

andretentioninthiscompetitivemarket...Ofthevariouscommerciallinesindustrypricingsurveys,wefavortheWTWCLIPSsurvey

becauseofitsdatacollectionmethodology...

—ParticipatingcompanyCFO,QuarterlyEarningsConferenceCall

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YiJingFCAS,MAAA

Director

Hartford

Phone:8608437159