U.S. businesses are paying more for insurance, but unlike other higher costs tied to inflation this has been going on for several years now. The good news is the price increases appear to be slowing.
Commercial insurance prices in the U.S. rose 12% on average in this year’s first quarter, compared with the year-earlier period, according to the Marsh brokerage unit of Marsh McLennan. Many businesses have faced double-digit annual rate increases since 2019, as insurers put a price war behind them.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.