Commercial insurance prices increased 1% overall in the second quarter of 2015 compared with the same period a year earlier, according to Towers Watson & Co.
The Arlington, Virginia-based consultant's commercial lines pricing survey released Monday found that increases for most lines were in the low single digits and some lines saw decreases.
Directors and officers liability and commercial property insurance saw small price decreases and workers compensation pricing was nearly flat. Commercial automobile coverage showed the largest increase, followed by employment practice liability.
“Price increases continue their downward trend, as strong underwriting results allow for some room in pricing,” said Alejandra Nolibos, a director with Towers Watson's property & casualty Insurance practice, in a statement.
Some workers comp accounts, particularly on large accounts, saw the first price increases since 2010, she said.
With low losses in several long-tail lines, downward pressure on pricing could continue, Ms. Nolibos said.
PricewaterhouseCoopers L.L.P. has said in a report that the cyber insurance market will triple in size to $7.5 billion in annual premiums by 2020, reported Reuters.