Commercial insurance prices are still close to flat. Third quarter 2017 prices jumped an average of less than a percent. Again. The “again” is the 9th consecutive time prices have risen less than a percent.
That conclusion comes from Willis Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS) who says the trend started in the first quarter of 2013. In other words, prices charged on policies in the 3rd quarter of 2017 look pretty much the same as the 3rd quarter of 2016.
Prices also look close to what the CLIPS survey reported in the 2nd quarter of this year. The only hikes are a slight uptick in workers’ compensation and D&O. Commercial auto rose significantly. Commercial property prices saw a small decrease.
Small accounts saw positive changes. Mid-sized, large and jumbo accounts were flat.
Spokesman Pierre Lauren noted, “Through three quarters of 2017, preliminary data indicate little movement in P&C commercial insurers’ loss ratios (excluding the impact of catastrophes) — an improvement from last quarter — as insurers revised downward their earlier initial estimates of claim cost inflation.”
Source link: Insurance Journal