商业保险2025年第一季度更新：定价与盈利能力

wtwco.com© 2025 WTW. Proprietary and confidential. For WTW and WTW client use only.Now more than ever, price monitoring is keyHow are pricesaffected by changesin investment income?What is really happeningto underwriting results?How does pricingcompare to industry?How are losscosts changing? wtwco.com© 2025 WTW. Proprietary and confidential. For WTW and WTW client use only.Most of the lines continued to have moderate tosignificant rate increases in Q1Year-over-year price level change0%1%2%3%4%5%6%7%8%9%2023-22023-32023-42024-12024-22024-32024-4 wtwco.comLoss ratios continue to develop favorably in 2025(2.5%)(1.4%)-5.0%-4.0%-3.0%-2.0%-1.0%0.0%1.0%2023-20242024-2025© 2025 WTW. Proprietary and confidential. For WTW and WTW client use only.Source:2025 Q1 CLIPS.Change in earned loss ratios In this context, reliableinformation on how yourcompany compares to themarketplace is crucialCLIPS is WTW’s U.S. commercial linespricing and profitability surveyInformation comes directly from carriersData-basedFreeConfidentialOnly participants receive the detailedsurvey results wtwco.com•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© 2025 WTW. Proprietary and confidential. For WTW and WTW client use only.CLIPS gives participants more and better historicalinformation on pricing and profitabilitySubmitted data are reviewed for reasonableness and consistency but not auditedJuly 1July 31September 10October 1Survey calldistributedSurveysubmissiondeadlineSurvey resultsdistributed wtwco.comCLIPS information is collected and reported at line ofbusiness and account size level© 2025 WTW. Proprietary and confidential. For WTW and WTW client use only.Small commercial*Middle marketcommercialLarge accountcommercialSpecialtycommercial lines•Workers’compensation•Auto liability•Auto physicaldamage•Package CMP/BOP•Commercial property•General/productsliability•Excess/umbrella liability•Workers’compensation−First dollar−LDD and excess•Auto liability•Auto physicaldamage•Package CMP/BOP•Commercial property•Cyber•General/products liability•Excess/umbrella liability•Workers’compensation−First dollar−LDD and excess•Commercial auto−First dollar−LDD and excess•Commercial property•Cyber•General/productsliability•Excess/umbrellaliability•Professional liability−Medical−Lawyers−Architectsand engineers−Other•Directors andofficers’ liability•Employmentpractices liability•Surety bonds•Contract•Other wtwco.com© 2025 WTW. Proprietary and confidential. For WTW and WTW client use only.Investment analysts useCLIPS to take the pulseof the industry…WTW’s survey takes the commerciallines writers’ view (what they have donewith pricing and how that impactsprofitability). We think the WTW surveywill be a better benchmark for investors(and management).Insurance industry investment analyst,quoting CLIPS results shortly after launch wtwco.com© 2025 WTW. Proprietary and confidential. For WTW and WTW client use only.Current participants—and their shareholders—benefit from insightsfrom CLIPS…We continue to focus on balancingprice and retention in this competitivemarket... Of the various commercial linesindustry pricing surveys, wefavortheWTW CLIPS survey because of its datacollection methodology...Participating company CFOquarterly earningsconference call wtwco.com© 2025 WTW. Proprietary and confidential. For WTW and WTW client use only.How to find out moreAlejandraNolibosFCAS, MAAAManaging DirectorMiamiPhone:786 552 1130E-mail:alejandra.nolibos@wtwco.comYi Jing FCAS, MAAASenior DirectorHartfordPhone:860 843 7159E-mail:yi.jing@wtwco.comVisit:www.wtwco.com