U.S. commercial insurance prices have maintained a steady trend with respect to consistent, routine, price increases, according to WTW’s Commercial Lines Insurance Pricing Survey (CLIPS) for the first quarter of 2024.
Tag: commercial insurance rates
Insurance Pricing Continues to Moderate as Rates Decline in Most Regions: Marsh
Global commercial insurance rates increased by 1% in the first quarter of 2024 (down from a 2% increase in Q4 2023), according to the Global Insurance Market Index released today by Marsh,
U.S. Commercial Insurance Rates Up 4.56% in 2023: MarketScout
According to recent analysis from MarketScout, in 2023, the transportation industry was assessed as the sector with the largest rate increase at plus 7.26%, as the total rate increase across all industry groups hit 4.56% in the year.
IVANS: Renewal Rates Experience Variable Change Month Over Month Across Commercial Lines
Month over month, Commercial Auto, BOP, Umbrella and Workers’ Compensation experienced increases in premium renewal rate change, while General Liability and Commercial Property saw a decrease.
Commercial Insurance Rates Steadying in 2023
In WTW’s latest Insurance Marketplace Realities (IMR) report, Spring 2023 update, most coverage lines continue to demonstrate a stabilizing market trend that began in early to mid-2022.
Moderation in Insurance Pricing Increases Continues: Marsh
Global commercial insurance prices rose by 9% in the second quarter of 2022, according to the Marsh Global Insurance Market Index. The pace of rate increases slowed for the sixth consecutive quarter; global composite increases peaked at 22% in the fourth quarter of 2020. The second quarter was the nineteenth consecutive in which composite pricing… Continue reading Moderation in Insurance Pricing Increases Continues: Marsh
Commercial Insurance Rates Up an Average 6% in Q1, Says WTW
According to WTW’s most recent Commercial Lines Insurance Pricing Survey, commercial property/casualty insurance prices rose an average of 6% in the first quarter of 2022, down one point from the previous quarter (CLIPS). Aside from workers’ compensation, buyers in all lines faced price increases, according to the broker. The 6% aggregate price change returns the… Continue reading Commercial Insurance Rates Up an Average 6% in Q1, Says WTW
Commercial Insurance Rates Increasing Due to Inflation, Legal System Abuse, Other Cost Drivers
APCIA’s latest report, “Commercial Insurance Rates Rising: What Business Owners Need to Know,” examines the impact of inflationary pressures on commercial lines insurance and business owners. Skyrocketing inflation and legal system abuse have forced prices higher across society while losses in lines such as cyber insurance have also increased. As a result, insurers are facing… Continue reading Commercial Insurance Rates Increasing Due to Inflation, Legal System Abuse, Other Cost Drivers
Global Insurance Rates Continue to Moderate with 11% Increase in Q1
Marsh LLC reported an 11% increase in global commercial insurance prices in the first quarter in its latest Global Insurance Market Index, which was released on Wednesday. According to Marsh, this was the 18th consecutive quarter of increases, but it was also the fifth consecutive quarter in which global pricing moderated since its peak of… Continue reading Global Insurance Rates Continue to Moderate with 11% Increase in Q1
Majority of Commercial Lines of Business Remain Up Year Over Year: IVANS
IVANS® today announced the February 2022 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Business Owners’ Policy (BOP) and Workers’… Continue reading Majority of Commercial Lines of Business Remain Up Year Over Year: IVANS