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Insurance Marketplace Realities projects that commercial insurance rates in North America will rise across nearly all lines in 2021, apart from kidnap and ransom. Factors contributing to this hard market include increased natural catastrophes, man-made property damage, and the ongoing effects of COVID-19. Notably, significant rate hikes are anticipated, with property rates expected to rise by 15-25% for non-challenged occupancies and over 30% for challenged ones. The report also highlights the growing importance of analytics in insurance negotiations.
Willis Towers Watson (NASDAQ: WLTW) has launched its Tech, Media and Telecom Differentiated Broking Solutions (TMT DBS), expanding its existing offerings. This solution targets clients in various sectors, including electronics, telecom, and software, with revenues ranging from $50 million to $5 billion. The TMT DBS includes comprehensive property and casualty coverage, addressing the evolving risks in the insurance market. Key partnerships with carriers such as Chubb and Travelers aim to enhance coverage options for clients, emphasizing customized, cost-effective solutions.
Willis Towers Watson reports that the Asset Owner 100 (AO100), representing the world's largest asset owners, grew by 6% to exceed $20 trillion in assets. Pension funds make up over 60% of this total, followed by sovereign wealth funds at 32%. The AO100 is increasingly focusing on ESG integration and real-world impacts in investment strategies. Goals include aligning with the Paris Agreement for net-zero emissions by 2050. Challenges faced by these asset owners include redefining their missions and developing governance structures.
Willis Towers Watson (NASDAQ: WLTW) has announced the acquisition of Acclimatise, a leader in climate adaptation advisory services, enhancing its Climate and Resilience Hub. This strategic move aims to address increasing demands from corporates and governments seeking climate resilience solutions. Acclimatise has completed over 450 consulting projects since 2004, strengthening WLTW's position in climate risk management. The merger is expected to offer innovative solutions for clients, integrating risk analytics with climate adaptation.
ARLINGTON, Va., Nov. 09, 2020 – A recent poll by the Thinking Ahead Institute indicates that 89% of C-suite investment leaders prioritize organizational culture over business strategy for achieving positive outcomes. Conducted with representatives from 15 investment firms overseeing over US$8.5 trillion, the survey reveals that 80% of leaders believe organizational culture has gained importance during the COVID-19 crisis. Key focus areas include inclusion and diversity (92%) and teamwork (79%). The institute emphasizes the significance of leadership in shaping culture to ensure sustainable business performance.
Willis Towers Watson (NASDAQ: WLTW) reported Q3 2020 revenue of $2.01 billion, reflecting a 1% increase year-over-year. Operating income was $73 million (3.6% of revenue), down 180 basis points. However, adjusted operating income rose to $238 million (11.8% of revenue), a slight improvement. Net income grew by 61% to $121 million, with diluted EPS at $0.93 and adjusted EPS at $1.33. Year-to-date free cash flow reached $1.0 billion, a significant 130% growth. Despite challenges from COVID-19, the company emphasized strong margins and cash flow management.
Willis Towers Watson (NASDAQ: WLTW) has partnered with Sompo Holdings Asia to implement its innovative pricing solutions across 14 Asian markets. This collaboration aims to enhance SOMPO's pricing operations through WTW’s software solutions, Emblem and Radar Base, which leverage predictive modeling and analytics. SOMPO seeks to improve customer outcomes and achieve profitable growth in a competitive insurance landscape. The solutions will initially roll out in Singapore, India, Malaysia, and Indonesia, eventually expanding throughout Asia.
