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Commercial insurance prices rise slightly in first quarter

Commercial insurance prices rise slightly in first quarter

U.S. commercial insurance prices increased modestly in the first quarter, according to a Willis Towers Watson P.L.C. report released on Monday.

The broker’s Commercial Lines Insurance Pricing Survey compared prices charged on policies written during the first quarter of 2018 with those written during the same period in 2017.

Price changes were in excess of 1% for the first time in 11 quarters, breaking the moderating trend in price increases observed since 2013.

Data for commercial auto, commercial property and excess-umbrella liability showed fairly significant price increases in the first quarter.

Commercial property price data, which had been showing small price decreases in the recent past, now saw increases in the low- to mid-single digits for the second consecutive quarter.

Commercial auto was the exception, Willis Towers Watson said, reporting price increases nearing double digits for the second consecutive quarter. The survey found ongoing price reductions for workers compensation, compared with all other surveyed lines.

Price changes were positive across all account sizes, Willis said, as mid-market and large accounts pricing indications moved closer to the recently larger increases reported for small accounts.

“Commercial insurance prices trended upward across nearly all lines during the first quarter of 2018, with aggregate price changes crossing the 1% threshold for the first time in almost three years,” Pierre Laurin, Americas property and casualty sales and practice leader for Insurance Consulting and Technology, said in a statement. “Workers compensation was the only line showing a downward price trend, as claims frequency declines and workplace safety continues to improve.”






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