Willis Towers Watson’s (WTW) Commercial Lines Insurance Pricing Survey (CLIPS) survey is out for the second quarter of this year. To no one’s surprise, commercial lines prices continue to go up.
Yi Jing is WTW’s director of insurance consulting and technology. Jing said average prices jumped 6.1% over the second quarter of 2022. “Rates continued to harden across nearly all commercial lines of coverage in the second quarter,” Jing said. “Commercial property, which had a significant double-digit increase, was the main driver of the aggregate price increase of 6.1%, compared with the prior quarter.”
The 6.1% is a larger increase than the 5.6% we saw in the first quarter of this year.
The increases go from moderate to very high for most lines. Workers’ compensation, D&O and cyber rates are the exceptions on the moderate end. Commercial auto insurers reported increases at, or above, double-digits. Excess/umbrella rates rose close to double-digits.
Source link: Insurance Journal — https://bit.ly/3sS8dgM