Commercial insurance premiums climb 5.4%: NAICPosted On: Jun. 28, 2019 1:11 PM CST
Direct written premiums in the U.S. property/casualty market rose 5.4% in 2018 compared with the previous year, with commercial auto liability experiencing the largest increase, according to the National Association of Insurance Commissioners’ annual market report.
Direct written premiums totaled $674.2 billion across all lines of property/casualty business in 2018 compared with $639.7 billion in 2017, according to the NAIC’s report, which includes data on the top 125 groups or companies in the sector across the United States, released Friday.
By line of business, commercial auto liability had the largest increase in written premium, rising 13.1% to $30.8 billion, compared with 2017, according to the report.
Direct written premiums for workers compensation totaled $61.2 billion in 2018, a 1% decrease compared with the previous year, according to the report.
In the medical professional liability line, direct written premiums rose 1.7% to $9.4 billion, according to the report.
Direct written premiums for private flood coverage totaled about $643.9 million in 2018, a 9.3% increase from the previous year, according to the report.