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U.S. commercial insurance price increases continued to ease in the second quarter of 2021, though nearly all lines reported significant increases, Willis Towers Watson PLC said in its commercial lines insurance pricing survey released Monday.
The aggregate commercial price increase moderated to just above 6% in the quarter, from just below 8% in the first quarter and above 10% in the second through fourth quarters of 2020, Willis said.
Excess/umbrella liability still saw the biggest price increase, but this coverage also had the largest reduction in price, followed by directors and officers liability, according to the survey.
Commercial auto saw near or above double-digit price increases for the 15th consecutive quarter, while property coverage also saw double-digit increases for the ninth consecutive quarter, Willis said in the report.
The survey continued to show a slight price decrease for workers compensation, in contrast to nearly all other lines surveyed, though the rate of decrease has tempered for each of the last 10 quarters, according to the survey.
By account size, reported price changes were all below double digits, except for specialty lines.
Both midmarket and large accounts had a large reduction in price increase, according to the survey.
“The rate of price increases has moderated again in the second quarter while still elevated versus historical norms. This is largely driven by significantly lower price increases for excess/umbrella and directors’ and officers’ liability than previous quarters,” Yi Jing, director, insurance consulting and technology at Willis Towers Watson, said in a statement.
Commercial insurance markets are seeing continued rate increases as catastrophes and the COVID-19 pandemic exacerbate already-hard market conditions across most property/casualty lines, according to a report released Thursday by USI Insurance Services LLC.