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U.S. commercial insurance pricing rose almost 4% in the second quarter of 2019 compared with the year-ago period, according to the commercial lines Insurance pricing survey from Willis Towers Watson PLC on Monday.
The increase “represents a significant pickup from increases of close to 2% for each of the previous five quarters,” the broker said in a statement released with the report.
Property, excess and umbrella, and directors and officers saw pricing increases “approaching double digits for the first time in several years,” Willis said in the statement, adding “prices for most lines showed increases.”
Commercial auto pricing rose “near or above double digits for the seventh consecutive quarter,” Willis said.
Mid-market and large account sizes increased “more significantly” than others, but all account sizes “trended upward,” Willis said.
“After so many quarters of modest increases, we are seeing a pickup, backing up general market sentiment,” Alejandra Nolibos, senior director of insurance consulting and technology business for Willis Towers Watson, said in the statement. “Adverse loss trends in auto and D&O, and deteriorating or potentially deteriorating loss trends in other casualty lines, together with the prospect of potentially diminishing reserve releases seems to have pushed carriers to demand higher prices.”
U.S. commercial insurance prices increased just over 2% in the first quarter of 2019, according to Willis Towers Watson PLC’s most recent commercial lines insurance pricing survey.