The Tillinghast unit of consultants Towers Perrin has announced plans to launch its Commercial Lines Insurance Price Monitoring Survey (CLIPS).
Tillinghast said it had “initiated the survey to meet the insurance industry’s need for better historical benchmark information regarding pricing and loss costs.” It indicated that the new service would be the “only survey that will marry these two pieces of information across multiple commercial lines of insurance.”
An informational Webcast will be held on Wednesday, July 6, 2005, at 2 p.m. EST for insurance companies that write primary commercial lines of coverage in the United States and that have an interest in participating in the survey. The Webcast will discuss in more detail why the survey is being conducted, what it will look like and the benefit for participants.
“CLIPS data will provide companies with a consistent and current benchmark for setting loss reserves, an area where there has been some loss of confidence,” stated Jeanne Hollister, P/C Insurance Practice Leader for North America. “The survey will also provide companies with a more accurate measure of historical price changes on an ongoing basis. The initial response to this survey concept has been very positive. We believe it will prove to be a valuable tool for companies and will facilitate greater financial transparency in the P/C insurance industry.”
The survey will be piloted during the third quarter of 2005, and then conducted on a quarterly basis with participating companies.
For more information or to sign up for the Webcast, contact Alejandra Nolibos, survey leader, at 404-365-1701 or firstname.lastname@example.org.
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