Commercial Insurance Rates Rise

Commercial insurance prices in the United States increased by nearly 3 percent during the second quarter of 2018, according to a survey conducted by a risk management brokerage.

Price changes of this magnitude have not been reported in almost four years, the brokerage said. The survey compared prices charged on policies written during the second quarter of 2018 compared with the same quarter in 2017.

“Commercial auto, commercial property and excess/umbrella liability all indicated material price increases,” with commercial auto posting “meaningful price increases at or near double digits for the third consecutive quarter,” according to the statement.

Workers compensation was the only standard surveyed line with ongoing price reductions.

“Almost all lines show a more rapid pace of price increases,” a brokerage spokesperson said. “Notably, mid-market and large accounts prices have recently seen the largest increases.”

This is fodder for thought because larger accounts tend to indicate overall market adjustments.

Source: Business Insurance