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Workers compensation insurance costs showed some of the largest increases when comparing third-quarter 2012 commercial insurance prices with those for the same period in 2011, according to data released Monday.
Aggregate commercial insurance prices rose 6% during the third quarter of 2012, marking the seventh consecutive quarter that pricing for all commercial lines increased, according to the information released by New York-based Towers Watson & Co.
“The largest price increases year over year included workers compensation, now approaching double digits, and employment practices liability, followed closely by commercial property, where price increases have moderated somewhat since last quarter,” Towers Watson reported, based on new and renewal business information provided by insurers.
The information provided by 39 insurers representing about 20% of the U.S. commercial insurance market also revealed that the insurers' loss ratios improved by more than 3 percentage points to date for accident-year 2012, when compared with the same period last year.
“If this level is maintained through year-end and as losses develop, it will indicate a reversal from the estimated 4% deterioration between 2010 and 2011,” Towers Watson reported.
Increasing workers compensation claim frequency and rising comp costs have led to a 5.2% increase in Colorado workers comp rates for 2013, according to the Colorado Division of Insurance.