Commercial property/casualty market has turned: Council president

Pricing for commercial property/casualty insurance accounts increased an average of 4.4% during the first quarter this year compared with the same period last year, according to a survey released Tuesday by the Council of Insurance Agents & Brokers.

The 4.4% average increase compares with a 2.7% increase during the last quarter of 2011, according to the Washington-based group.

“We've been cautious up to now about declaring a market turn, but I think it's safe to say that the market has a made a hard turn after two quarters of price increases and tight underwriting,” council President Ken A. Crerar said in a statement. “It's difficult to predict length and severity, but the market has turned.”

The council's quarterly “Commercial P/C Market Index Survey” found that increases were most pronounced in medium-size accounts—those generating $25,000 to $100,000 in fees and commissions, which experienced average increases of 4.9%.

Small accounts registered 4.2% increases while large accounts posted 4.1% average price hikes.