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Commercial insurance prices in the United States increased by nearly 3% during the second quarter of 2018, according to a survey released Monday by Willis Towers Watson PLC.
“Price changes of this magnitude have not been reported in almost four years,” said Willis Towers Watson in a statement regarding its Commercial Lines Insurance Pricing Survey. The survey compared prices charged on policies written during the second quarter of 2018 compared with the same quarter in 2017.
“Commercial auto, commercial property and excess/umbrella liability all indicated material price increases,” with commercial auto posting “meaningful price increases at or near double digits for the third consecutive quarter,” according to the statement. CLIPS also found that commercial property price data, which had been showing small price decreases, now shows increases in the low- to mid-single digits for the third consecutive quarter. Workers compensation was the only standard surveyed line with ongoing price reductions.
“Almost all lines show a more rapid pace of price increases,” Ben Williams, New York-based director, pricing, product, claims and underwriting practice, North America for Willis Towers Watson, said in the statement. “Notably, mid-market and large accounts prices have recently seen the largest increases. This is fodder for thought, as the history of CLIPS suggests that larger accounts have been leading indicators of market adjustments.”
U.S.-based Marsh and McLennan Cos. Inc. said that global commercial insurance prices increased marginally on average in the second quarter, driven by property and financial and professional lines, Brink News reported. The insurance broker said that financial and professional lines pricing grew 3.3% on average while property pricing rose 2.3%. Global casualty pricing declined 1.4% in the second quarter. Commercial insurance pricing in the United Kingdom remained almost flat, in Continental Europe declined 1.5% while in Australia surged 13%, Marsh added.