Aside from workers' compensation, buyers in all lines faced price increases, according to the broker. The 6% aggregate price change returns the industry to a level seen in the first quarter of 2020, before rising to above 10% in the second half of 2020 and falling to 8% and 7% through 2021.
"Price increases for most lines remained strong in the first quarter of 2022, though the magnitude of the increase decreased compared to previous quarters," said Yi Jing, WTW's director of insurance consulting and technology.
According to the survey, after steadily increasing over the previous nine quarters, professional liability prices rose at a slower rate than in Q4 2021, but remained in the double digits.
In the fourth quarter of 2021, WTW began tracking cyber. Despite "significant" rate increases, the line has fewer buyers than other lines.
According to WTW, claim cost inflation will continue to affect property insurance, with companies revising their estimates above 3.0 percent.
"This appears to be consistent with recent changes in general inflation, particularly the cost of materials and labor associated with property damage repairs," the broker observed.