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Commercial prices increase 7% in Q4: Willis


U.S. commercial insurance prices rose more than 7% in the fourth quarter, which was the same percentage of increase seen in the third quarter, Willis Towers Watson PLC said in a survey issued Monday.

WTW said the survey compared prices charged on policies underwritten during 2021’s fourth quarter with those charged for the same coverage during the same quarter in 2020. It said the aggregate commercial price change reported by insurers was more than 7%.

The report said the aggregate commercial price change reported by insurers grew by more than 6% in 2020’s first quarter. It spiked upward to nearly and above 10% in the 2020’s second through the fourth quarters, then declined to just below 8% in 2021’s first and second quarters, and now to just above 7% in 2021’s third and fourth quarters.

The report said fourth-quarter price changes were similar to those reported in the third quarter, with data for most lines showing significant price hikes.

Professional liability had the largest increases, the survey found, while cyber also showed a significant rate increase, although the volume was much smaller than all other lines, according to the Commercial Lines Insurance Pricing Survey.

Excess/umbrella liability and directors and officers liability data reported significant prices increases in the fourth quarter, although they were lower than those in the third quarter.

Commercial auto reported price increases near or above double digits for the 17th consecutive quarter, while property coverage saw near or above double-digit increases for the 11th consecutive quarter.

Workers compensation had rate decreases, which was consistent with previous quarters, although the decreases were lower than for those in the prior quarter, the survey found.







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