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U.S. commercial insurance prices increased by 5.9% on average in the second quarter, compared with the year-earlier period, according to Willis Towers Watson’s latest pricing survey.
The aggregate increase was similar to that seen in the first quarter, Willis said.
Data for nearly all business lines continued to indicate significant rate increases in the second quarter, with directors and officers liability and workers compensation notable exceptions, Willis said.
Commercial property saw a larger rate increase than other surveyed lines in the second quarter compared with the year-earlier period.
“This seems to be consistent with the impact of recent changes in general inflation, particularly with the cost of materials and labor related to property damage repairs,” Yi Jing, director, insurance consulting and technology at Willis, said in a statement with the survey.
D&O liability saw a small price decrease compared with a moderate rate increase in the year-earlier period, while workers compensation also saw a slight reduction.
Cyber continued to see the largest rate increase in the second quarter, although the reported volume was much smaller than other lines, Willis said.
When comparing account sizes, reported rate changes were all below double digits including specialty lines, Willis said.