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Commercial insurance prices up 6% in Q1

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U.S. commercial insurance prices increased by 6% overall in the first quarter, around one point lower than the aggregate increase in the fourth quarter of 2021, according to Willis Towers Watson PLC’s latest pricing survey.

“The price increases for most lines continued to be strong in the first quarter of 2022, though the magnitude of increase dropped compared with prior quarters,” Yi Jing, director, insurance consulting and technology at Willis, said in a statement with the survey, which was released late Wednesday.

Cyber continued to show a significant rate increase, though the reported volume is much smaller than other lines, the survey said.

Professional liability, which had accelerated significantly in the previous nine quarters, saw a double-digit rate increase, though it was lower than in the prior quarter, Willis said.

Other lines, except for workers compensation, continued to show price increases that were similar to or slightly below those in the fourth quarter of 2021.

Workers compensation saw average rate decreases continue.

First-quarter reported price increases were lower than the prior quarter across all size categories.