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All commercial lines except comp see premium hikes in Q3: CIAB

All commercial lines except comp see premium hikes in Q3: CIAB

All lines of business except for workers compensation saw increases in premium pricing during the third quarter, according to The Council of Insurance Agents and Brokers’ quarterly commercial property/casualty market index survey, the organization said Thursday.

The average increase for premium pricing across all sized accounts was 1.6%, compared with the 1.5% change in the second quarter of 2018, the report said.

Across five major lines of business tracked by CIAB — commercial auto, workers compensation, commercial property, general liability and umbrella — the average premium rate increase was 1.9%, similar to the average increases in the second quarter (2%) and first (2.2%).

Commercial auto led the increases at 7%, down from 8.2% in the second quarter, the report said, adding it was the 29th consecutive quarter of increased commercial auto rates.

Commercial property was up 2.9% compared with 2.2% in the second quarter. General liability was up 0.8% (0.8% in the second quarter), umbrella was up 1.4% (1.5%), and workers compensation was off 2.6% (-2.9%).

Brokers responses showed a focus on cyber, the report said, with 76% of respondents noting that they had seen an increase in demand for cyber insurance, while 62% of respondents also said that cyber risk was one of their clients’ top three concerns in the third quarter.

“Following 12 quarters of soft market conditions, our industry has experienced moderate tightening across the majority of property/casualty lines, with the exception of commercial auto,” CIAB President and CEO Ken A. Crerar said in a statement released with the report.

“Due to distracted driving and more people on the roads, commercial auto claims have increased in both frequency and severity and it remains an industry-wide concern that The Council will continue to monitor in 2019,” he added.








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