Surveying Commercial Insurance
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1 Surveying Commercial Insurance Pricing and Profitability 2013 Q3 Update 2013 Towers Watson. All rights reserved.
2 Now more than ever, price monitoring is key Exposure Uncertainty How are prices affected by changes in investment income? What is really happening to underwriting results? How does pricing compare to industry? How are loss costs changing? Rating Agency Focus Economic Uncertainty 1
3 Prices increases robust in 2013 Year-Over-Year Price Level Change Source: 2013 Q2 CLIPS. 2
4 Preliminary loss ratios again improving in 2013 YTD 0.0% -1.0% Change in Earned Loss Ratios YTD -2.0% -3.0% -4.0% -5.0% -6.0% -7.0% Source: 2013 Q2 CLIPS. 3
5 In this context, reliable information on how your company compares to the marketplace is crucial CLIPS is Towers Watson s U.S. commercial lines pricing and profitability survey Information comes directly from carriers Data-based Free Confidential Only participants receive the detailed survey results 4
6 CLIPS gives participants more and better historical information on pricing and profitability We collect information from participating companies each quarter Estimated price changes by quarter for the last two years Year-over-year percentage changes Including the effects of coverage changes as well as rates Including new business if available Estimated increases in loss costs by year for the last two years We deliver customized summary results back to the participants December 30 January 31 February 28 March 31 Survey Call Distributed Survey Submission Deadline Survey Results Distributed Submitted data are reviewed for reasonableness and consistency but not audited 5
7 CLIPS information is collected and reported at line of business and account size level Small Commercial* Middle Market Commercial Large Account Commercial Specialty Commercial Lines Workers compensation Workers compensation Workers compensation Professional Auto First dollar First dollar Medical Auto physical damage LDD and excess LDD and excess Lawyers Package CMP/BOP Commercial property General/products Excess/umbrella Auto Auto physical damage Package CMP/BOP Commercial property Business interruption General/products Excess/umbrella Commercial auto First dollar LDD and excess Commercial property Business interruption General/products Excess/umbrella Architects and engineers Other Directors and officers Employment practices Surety bonds Contract Other The segmentation is periodically revised based on feedback from participants *By region. 6
8 ILLUSTRATIVE Case study: Benchmarking pricing levels across time 7% Change in Price Level vs. Same Quarter One Year Prior 6% 5% 4% 3% 2% 1% 0% -1% -2% Aggregate ABC Differential between ABC and industry has been significant 7
9 ILLUSTRATIVE Case study: Monitoring profitability Change in Earned Loss Ratios 2% Deterioration 1% 0% -1% -2% -2.0% -3% -3.0% -4% -5% -6% Improvement -4.6% -6.0% -7% Weighted mean ABC 8
10 ILLUSTRATIVE Case study: Validating reserving assumptions AY Seed ABC Change ABC Indicated Loss Ratio CLIPS Change CLIPS Indicated Loss Ratio % % % % % 9
11 Investment analysts use CLIPS to take the pulse of the industry Towers Watson s survey takes the commercial lines writers view (what they have done with pricing and how that impacts profitability). We think the Towers Watson survey will be a better benchmark for investors (and management). Insurance industry investment analyst, quoting CLIPS results shortly after launch 10
12 Current participants and their shareholders benefit from insights from CLIPS We continue to focus on balancing price and retention in this competitive market...of the various commercial lines industry pricing surveys, we favor the Towers Watson CLIPS survey because of its data collection methodology... Participating company CFO, Quarterly Earnings Conference Call 11
13 How to find out more Alejandra Nolibos Director Miami Phone: Jacob Roe Consulting Actuary Detroit Phone: Visit www. 12
Surveying Commercial Insurance
Surveying Commercial Insurance Pricing and Profitability 2014 Q1 Update 2014 Towers Watson. All rights reserved. Now more than ever, price monitoring is key Exposure Uncertainty How are prices affected
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