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U.S. commercial insurance prices increased just over 2% in the first quarter of 2019, according to Willis Towers Watson PLC’s most recent commercial lines insurance pricing survey.
The survey, released Monday, showed “material price increases in the first quarter in commercial auto, commercial property, excess/umbrella liability, and directors and officers liability,” the survey said.
Directors and officers liability data had been indicating modest price increases for all of 2018, and now indicates price increases in the mid-single digits in the latest quarter, Willis Towers Watson said.
Commercial auto saw “significant” price increases in the double digits for the fourth consecutive quarter, the broker added.
Workers compensation showed “ongoing material price reductions, in contrast to nearly all other surveyed lines,” the survey said.
The aggregate commercial price change reported by insurers was close to 2% for all four quarters of 2018, and came in just above 2% in the first quarter of 2019, Willis Towers Watson said, adding that price changes for most lines were similar to or slightly above those reported in the fourth quarter of 2018.
The survey compared prices charged on policies underwritten during the first quarter of 2019 to those charged for the same coverage during the same quarter in 2018, Willis Towers Watson said.
Price changes were positive and of similar magnitude across all account sizes for the fourth consecutive quarter, Willis Towers Watson said
Reinsurance pricing rose 10% to 30% on average for loss-affected accounts at June 1 renewals, based on conversations with reinsurers, Morgan Stanley analysts said.