A new survey released yesterday by Towers Watson, a leading professional service and consulting firm, and the National Business Group on Health, a trade organization, claims that health insurance is getting more expensive, but is also covering much less than it used to. The survey, which targeted several large companies throughout the U.S., shows that employees are paying more for their coverage this year than they have in the past. They are also subject to more restrictions on their insurance and health care options, with many benefits being cut by…
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Towers Watson report shows the cost of claims continues to outpace the rise in insurance pricing
Towers Watson, a global professional services firm, has released a new report showing the rising prices in the commercial insurance industry. The report shows that commercial insurance prices have grown for the second consecutive year by an average of 2%. Property insurance and workers compensation are the two fields where the increases in pricing are most apparent. The property insurance market is being bolstered by a number of natural disasters that occurred throughout the year, which prompted insurers to raise rates and prices for new policies. While prices are rising,…
Read MoreCommercial insurance stays put but workers’ compensation is on the rise
According to the results of a newly released data report that verified the 2010 accident year’s deterioration of loss ratio, commercial insurance prices have remained pretty much the same for nine quarters in a row. The latest Commercial Lines Insurance Pricing Survey (CLIPS) by Towers Watson – the global professional services company – showed that management liability and commercial property lines have both continued to show decreases in price. That said, following the sizeable price reductions and then the comparatively flat indications since the start of 2011, the data involving…
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