U.S. Commercial Insurance Prices Tick Higher for Third Straight Quarter

September 10, 2018

Commercial insurance prices for the U.S. ticked up close to 3 percent in the 2018 second quarter, the biggest quarterly increase in nearly four years, Willis Towers Watson said in its recent pricing survey of the sector.

The year-over-year increase is also the third consecutive quarter to display price increases, though they have been in the low-to-middle single digits. Commercial auto has been well above this with numbers approaching or hitting double-digit hikes over the last three quarters, according to the survey.

According to Willis Towers Watson, price hikes have covered nearly every commercial insurance line, including commercial auto, commercial property and excess-umbrella liability.

One blot: Workers compensation continues to experience price reductions.

Willis Towers Watson said that price increases have been consistent for the most part across all segments, with mid-market and large account commercial price change data catching up to larger jumps that smaller accounts have enjoyed.

The data is contained in Willis Towers Watson’s Commercial Lines Insurance Pricing Survey.

Source: Willis Towers Watson