Tag: Towers Watson

North American companies avoiding cyber insurance according to Towers Watson

Marc
Insurance Industry - Bank Heist

Are companies leaving themselves vulnerable to a cyber attack? Towers Watson, a leading consulting firm with expertise in risk assessment, has released its annual review of corporate risk this week. The firm surveyed several corporations throughout North America and found that most do not take cyber security seriously, especially in terms of insurance coverage. The firm has also found that the corporations purchasing cyber security insurance are doing so in limited capacity and seem unwilling to purchase comprehensive coverage. This may be a problem in a world where the Internet and…

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Towers Watson receives patents for its insurance risk modeling technique

Julie Campbell

Towers Watson, the worldwide professional services company, has announced that it has received two patents from the United States Patent and Trademark Office (USPTO) for its unique financial modeling technique using Replicated Stratified Sampling (RSS) in the insurance industry. These two key patents (U.S. Patent No. 8,131,571, which was issued on March 6, 2012, and U.S. Patent No. 8,126,747, which was issued on February 28, 2012) are for the RSS smart modeling technique at Towers Watson, which is designed to make complex insurance calculation run times exceptionally faster, and to…

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Survey shows that health insurance is growing more expensive but also more restrictive

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

Marc

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,…

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Commercial insurance stays put but workers’ compensation is on the rise

Marc

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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