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Commercial Insurance Rate Hikes Near Double Digits In Q2: Willis

ileads insurance market minute
Welcome to iLeads Insurance Market Minute, where we bring you the latest, most relevant news regarding the insurance market. Last week you were reading Revealed – What Will Happen To Insurance Industry Employment In The Next 12 Months. This week we’re bringing you:

 

Etihad Airways announces COVID-19 insurance*

Etihad Airways, the Abu Dhabi-based airline which services the US among other regions, has announced that it will provide COVID-19 insurance to its passengers.

Airlines around the world are trying to stimulate demand amid the pandemic. As people continue to travel, Etihad has decided to provide coverage for medical and quarantine costs for passengers who contracted the virus after taking one of its flights.

Etihad’s COVID-19 insurance, which is offered in partnership with insurer AXA AXAF.PA, covers medical costs of up to €150,000 (around $177,000) and quarantine costs of up to €100 (around $118) per day for 14 days for passengers who contracted the disease within 31 days of first traveling. It is included in the airfare of tickets for travel until the end of 2020 and is valid around the world.

Read more in-depth here.

 

Ford partners with Metromile for pay-per-mile insurance on new cars*

Ford is giving new car buyers a way to save money on insurance now that millions of Americans are working from home and driving less than they were before the coronavirus hit the U.S.

The automaker said Thursday it is partnering with start-up insurer Metromile to give drivers easier access to the company’s pay-per-mile insurance offering. When drivers sign up on Metromile’s app or website, the odometer on their new Ford will immediately connect to Metromile’s software, which will start tracking miles.

Car insurers have faced controversy in the six months since Covid-19 forced offices around the country to close and put an end to live events and group gatherings. Major insurers said in April that they would start providing refunds, credits, or rate cuts to customers because of the plunge in drive time, but a number of class-action lawsuits have been filed by consumers who said they should have been given bigger discounts.

Read more in-depth here.

 

Willis Towers Watson partners up for cyber research*

Willis Towers Watson has announced a partnership with the University of Oxford to conduct research on the cost of equity arising from severe cyber breaches.

The Willis Research Network will partner with the university to research three key areas of cybersecurity risk, focusing on:

  • Increases in systemic risk – leading to an increase in the cost of equity – following severe breaches at publicly listed companies.
  • The nature of cyberattack resilience – the success or failure of an organization after a cyberattack.
  • The current risk landscape of AI-facilitated impersonation such as phishing, and the implications this has for the insurance sector.

Read more in-depth here.

 

Commercial rate hikes near double digits in Q2: Willis*

U.S. commercial insurance rate increases were close to double digits in the second quarter with excess/umbrella and directors and officers liability seeing the biggest spike, according to Willis Towers Watson PLC’s commercial lines insurance pricing survey released Monday.

The aggregate increase for all lines reported by insurers was just under 10%, up from 3% in the prior-year second quarter, the survey found.

Specialty lines increases were well into the double digits, driven by D&O and medical professional liability lines, Willis Towers Watson said.

Byline of business, excess/umbrella and D&O liability lines saw a 20% rate increase for the second consecutive quarter.

Rate increases for commercial auto were near or above double digits and property rate increases were well into the double digits, Willis Towers Watson said.

Only worker’s compensation saw rate decreases, though they continue to slowly lessen in magnitude, the survey found.

Increases also varied by size, with large accounts seeing increases well above double digits, mid-market accounts at double-digit, and small commercial rising by mid-single digits, Willis Towers Watson said.

Read more in-depth here.

 

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