Commercial property/casualty prices continue to rise: Survey
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Commercial property/casualty insurance prices continued their upward trend, increasing an average of 4.3% in the second quarter, according to Council of Insurance Agents & Brokers quarterly Commercial P/C Market Index Survey released Tuesday.
Midsize accounts experienced the largest increase at 4.9%, while small accounts increased by 4.3% and large accounts by 3.7%, according to the survey.
“There's no doubt it was a tougher market for buyers the last three months than the quarter before,” said Council President and CEO Ken A. Crerar in a statement announcing the results. “Rates continued to climb as insurers tightened reins on underwriting. More business was being pushed into the surplus lines market as carriers pulled back on capacity, particularly for catastrophe exposures.”
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