Commercial insurance prices for the U.S. increased 6.1 percent in the third quarter, maintaining an upward trend.
According to the latest results from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS), carriers in the third quarter reported another aggregate commercial price change that remained above 6 percent.
Results in aggregate were near the rate increase of more than 6 percent in the second quarter. Carriers reported an increase of 5.6% for the first quarter.
Broker WTW said the quarterly survey compared insurance prices for policies underwritten during the third quarter of 2023 with those charged for the same coverage throughout the corresponding quarter in 2022.
Commercial property continued to see a double-digit price increase, although slightly lower than the prior quarter. The excess/umbrella line also had double-digit increases, said WTW. Directors & officers liability witnessed a decrease in prices, though less pronounced than the prior quarter.
Respondents said commercial auto price increases were near or above double digits for the 24th consecutive quarter.
This article was previously published by Insurance Journal.