NEW YORK, Oct. 9, 2024 (GLOBE NEWSWIRE) — A release issued today by Willis Towers Watson US LLC (NASDAQ: NASDAQ:) under the same heading states that the “2024 Key Price Forecast” table is inaccurate. Please note that. has been removed. The corrected release is as follows.
Commercial insurance rates show balance and stability throughout North America throughout the year, according to the latest Insurance Market Reality Report from WTW (Willis Towers Watson, NASDAQ: WTW), a leading global advisory, brokerage and solutions company. . John Drummond, head of North American brokerage at WTW, commented that the industry has not completely rewritten its position in specific business areas, but rather is taking small actions in response to emerging trends. .
WTW reports that new capital is being deployed in both the reinsurance and retail markets, increasing competition for premium market share excluding umbrella and excess liability. This trend is rippled across the industry and is particularly meaningful for first-party businesses, where capacity was a challenge at the beginning of 2024.
Capacity remains the driving force behind soft market conditions in financial lines. WTW advises that it may be premature to call this a trend, but there appears to be an increased focus on the appropriateness of interest rates in director and officer liability. Additionally, the cyber market predicts flat to mid-single-digit decline rates for most updates in the near term.
In terms of casualties, umbrella & excess liability caused the most disruption. Loss costs continue to rise due to factors such as legal system abuse, litigation financing, and growing concerns such as permanent chemicals, causing the insurance market to reduce availability to insureds and drive renewal rates into the low single digits. We have responded by raising the level above the current level.
WTW’s Marketplace Realities report shows that while the industry faces evolutionary changes across many business lines, including climate change, nuclear verdicts, and new capital entry, the market has remained relatively stable across most business lines this year. We conclude that this should result in an updated status. At the end.
Mr Drummond added: “It goes without saying that the current situation could be disrupted by just one more major hurricane, and with Milton knocking on the door, the likelihood of disruption is increasing. ” he added.
About WTW
WTW (NASDAQ: WTW) provides data-driven, insight-driven solutions in people, risk and capital. Serving 140 countries and markets, we leverage the global perspective and local expertise of our colleagues to help organizations sharpen strategy, strengthen organizational resilience, motivate employees, and improve performance. We will help you maximize it.
We work side-by-side with our clients, identifying opportunities for sustainable success and providing an inspiring perspective. For more information, visit wtwco.com.
media contact
Douglas Menelly, Director of Communications, North America
Douglas.Menelly@wtwco.com | +1 (516) 972 0380
Arnel Sullivan, Public Relations Associate, North America
Arnelle.Sullivan@wtwco.com | +1 (718) 208-0474
Source: Willis Towers Watson US LLC
