2023 Retail Benchmark Participation Survey & Data Call

Benchmark Participation Overview

Join our benchmark study to gain industry-leading insights to manage your retail casualty risk.

Thank you for your interest and participation in Aon’s 2023 Retail Benchmark Study. Since 2005, Aon’s Actuarial & Analytics Practice has conducted an industry leading benchmark study for the retail industry. The study provides actuarially determined benchmark statistics for retail workers’ compensation, general liability, and auto liability coverage.

The database underlying the industry benchmarks includes loss and exposure information from all 50 states. The study provides insights for casualty liability costs from various perspectives including:

• Accident year ultimate Loss Costs and trends
• Accident year ultimate non-zero Claim Frequency and Severity trends
• Medical, indemnity, and expense Component of Loss amounts and trends
• Key States and Stores vs. Distribution Centers trends
• Litigated Claim Statistics including loss costs, frequency, and severity of litigated claims
• Subgroup Benchmarks to differentiate experience for Department Stores, Grocers, Discount Variety, Specialty Retailers, Convenience Stores, etc.

If you have any questions or comments relating to the survey, please e-mail us at: [email protected] or do not hesitate to contact one of our team members.

Participation and Results

There is no charge for participation for current Aon clients. Aon prospects will be invoiced $5,000 to participate.  All participants who provide a complete submission will receive complimentary access to the completed benchmark report, along with one set of comparisons to a relevant peer group. If desired, participants can receive a more detailed individual comparison analysis for a consulting fee (starting at $7,500).

How Long Will It Take to Complete?

• For Aon Retail clients: The Consent & Survey Questionnaire will take on average 10 minutes to complete.
• For all others: You will need to complete two steps:
  • Step 1: The Consent & Survey Questionnaire will take on average 10 minutes to complete.
  • Step 2: Compiling documents for the data request will take on average 10 minutes.

Frequently Asked Questions

• Do I need to agree to the consent terms & conditions?
  Yes, if you do not agree, we cannot include you in the study or send you a free copy.

• Who is best suited to complete the survey?
  This survey is designed for retail risk managers and finance professionals.  Participants must have visibility and access to their casualty insurance renewal data.  In many cases, the casualty insurance broker is able to submit data on behalf of their retail client.

• When are submissions due?
  The deadline for all submissions is June 1, 2023.

• Can I download and preview a copy of the consent & survey questionnaire?
  Yes, you can preview the questionnaire in a PDF format by clicking here. Please note: The PDF questionnaire is for informational purposes only; you must submit responses online to join the survey.

• Should I include events/potential claims in my loss information?
  Yes, we want ALL claim detail, including claims, suits, events, potential claims, zero-dollar items etc.

• Should I include open claims in my loss information?
  Yes, include both closed and open claims.

• I don’t have 10 years of data…
  Provide as many years of data as possible, we will still use smaller sets of data.

• What is the bare minimum that I need to send to participate?
  1) Recent Valued Loss Run (“recent” meaning 12/31/2022 or later) and 2) Historical Exposure Data (you have likely compiled these items for your most recent casualty insurance renewal). 3) Survey (at least the contact information and consent part).

• Should I include our divested business?
  This is up to you, however, if you include, please be sure to provide both loss data and corresponding exposure data for these operations.

• What if I don’t have some of the fields requested in the loss run?
  Send us the fields you do have.

• What are some highlights from the prior study?
  Fifty retailers contributed to the 2021 benchmark analysis by providing workers compensation, general liability, and auto liability historical loss and exposure experience. Click here to preview the Executive Summary.

• Will my answers remain confidential?
  Yes, all individual responses will remain confidential. Results will only be published in an aggregated manner in accordance with best practices for maintaining data confidentiality.