Commercial insurance premiums rise in second quarter: CIABReprints
Average premiums across all sizes of commercial accounts increased by 1.5% in the 2018 second quarter, according to the Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Index Survey.
Commercial auto posted the highest increase in premium pricing, rising 8.2%, in the 28th consecutive quarter of increased rates. Commercial property also jumped above the average, posting a 2.2% increase. Workers compensation, however, bucked the trend of no or little increase by posting a premium decrease of 2.9%.
“Although commercial auto continues to be a concern for brokers and carriers alike, other lines appear to stabilize across the board, following several quarters of soft market conditions,” Ken A. Crerar, president and CEO of the Council of Insurance Agents & Brokers, said Tuesday in a statement accompanying the release of the report. “As we enter the 2018 hurricane season, the Council will continue to monitor the impact of natural catastrophes on commercial lines.”
The survey also noted that demand for cyber insurance remained high, with 77% percent of respondents reporting an increase in demand.
Driving organic growth and recruiting and developing talent were the top two organizational priorities reported by respondents, according to the survey. Eighty-two percent of respondents listed “driving organic growth” as one of the top three priorities for their firm, and 72% of respondents listed “recruiting and developing talent” as one of their top three priorities, which was “consistent with results from the Q1 2018 and Q4 2017 surveys,” the report said.