Commercial Insurance Rates Quarter 1 of 2024

Willis Towers Watson’s Commercial Lines Insurance Pricing Survey (CLIPS) of first quarter commercial insurance rates saw them rising 6.3% over the first quarter of last year.

The survey notes that the commercial rate rise of the first quarter of 2024 is in line with the average of 6% that we’ve seen since COVID hit in 2020.

Excess umbrella liability has seen significant price hikes in the past few years but this survey notes that it saw its smallest increase in years in the first quarter. Cyber insurance has also seen significant drops in prices.

On the other side of the coin, commercial property has seen rates rise to double-digits again.

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