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Higher prices push commercial insurance to alternative markets: Council

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Higher prices push commercial insurance to alternative markets: Council

Commercial insurance prices rose an average of 5.2% during the first quarter of 2013, according to the Washington-based Council of Insurance Agents & Brokers' quarterly “Commercial P/C Market Index Survey” released Thursday.

Medium and small accounts experienced average price increases of 5.3% and 5.2%, respectively. Large accounts received slightly more favorable pricing at an average increase of 4.9%.

By contrast, prices rose an average of 5% during the fourth quarter of last year and 3.9% during the third quarter of 2012.

“The first quarter was a tough market for underwriting and for commercial clients who were hit with higher prices,” Council President and CEO Ken A. Crerar said in a statement.

“Carriers backed off risky business, tightened underwriting and pressed for higher pricing and deductibles on renewals. The upshot is more business is moving into the alternative markets,” he said.