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U.S. commercial insurance rate increases were close to double digits in the second quarter with excess/umbrella and directors and officers liability seeing the biggest spike, according to Willis Towers Watson PLC’s commercial lines insurance pricing survey released Monday.
The aggregate increase for all lines reported by insurers was just under 10%, up from 3% in the prior-year second quarter, the survey found.
Specialty lines increases were well into the double digits, driven by D&O and medical professional liability lines, Willis Towers Watson said.
By line of business, excess/umbrella and D&O liability lines saw a 20% rate increase for the second consecutive quarter.
Rate increases for commercial auto were near or above double digits and property rate increases were well into the double digits, Willis Towers Watson said.
Only workers compensation saw rate decreases, though they continue to slowly lessen in magnitude, the survey found.
Increases also varied by size, with large accounts seeing increases well above double digits, mid-market accounts at double digit, and small commercial rising by mid-single digits, Willis Towers Watson said.
“The combination of social inflation, civil unrest, the economy and uncertainty around COVID-19 has created an increasingly cautious industry,” Jeffrey Carlson, director, of the insurance consulting and technology division at Willis Towers Watson.
More insurance and risk management news on the coronavirus crisis here.
North American commercial insurance buyers will continue to pay more across most lines of business and see their coverage terms and conditions scrutinized, as the industry braces for a potential loss of up to $80 billion from COVID-19, according to a report issued Thursday by Willis Towers Watson PLC.