Aggregate price increases of 5.6 percent were reported by commercial lines insurers in the first quarter of 2023, according to WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS).

The numbers reflect an increase over the rate of 4.8 percent reported in the previous quarter (Q4 2022).

Commercial property experienced a double-digit increase, the coverage line reflecting the biggest increase, trending higher than the prior quarter.

A double-digit increase was also seen in commercial auto, though it was still lower than the prior quarter.

Workers compensation and directors and officers’ liability pricing revealed slight decreases, WTW reported, with each displaying similar decreases the prior quarter.

“Rates continued to harden across nearly all lines of coverage in the first quarter, with an aggregate price increase higher than in the prior quarter, driven primarily by the double-digit increase from commercial property, constrained by the impact of recent high inflation,” said Yi Jing, director, Insurance Consulting and Technology, WTW.