Commercial property insurance, with double-digit first quarter price increases, led other lines of businesses tracked by WTW’s Commercial Lines Pricing Survey (CLIPS).
CLIPS found the aggregate price change for U.S. commercial insurance was up 5.6% for the first three months of 2023, compared to up 4.8% the prior quarter.
Commercial auto also saw double-digit Q1 price increases for the 22nd straight quarter, but they were slightly lower than Q4 2022, WTW said.
Though the survey revealed continued rate increases for commercial insurance, they are on aggregate below the increases of about 10% or more seen a couple years ago from Q2 through Q4 2020.
Moderate to significant price increases were seen in Q1 in all lines except workers compensation, directors and officers liability, and cyber. There was a slight price reduction in Q1 for workers comp, WTW added, and D&O experienced another quarter of price decreases similar to Q4 2022.
The quarterly survey compared insurance prices on policies underwritten during the first quarter of 2023 to those charged for the same coverage throughout the same quarter in 2022, WTW said.
Willis Towers Watson
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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.