Broker WTW said commercial lines insurance rates increased overall by an average of 6.1% during the third quarter 2024.
Quarterly price increases have been around 6% since the end of the pandemic, WTW reported in its Commercial Lines Å˽ðÁ«´«Ã½Ó³» Pricing Survey (CLIPS). Survey results showed rates went up an average 5.9% during the second quarter and were up 6.3% for the first three months of 2024.
“Results for this quarter reflect continued shifts in the commercial insurance landscape,” said Yi Jing, senior director, insurance consulting and technology at WTW. “Sectors like commercial auto and excess/umbrella liability continue to face pricing pressures, while others, such as commercial property, are stabilizing. These developments highlight a market in transition, as insurers adapt to evolving risks and economic conditions.”
WTW said package commercial multi-peril and businessowners policies during Q3 reached their highest levels in over a decade. Commercial property pricing continued to stabilize while commercial auto and excess/umbrella liability showed consistent trends from the prior quarter, when each saw price increases in the double digits, according to respondents.
The survey compares commercial insurance prices on policies underwritten during the third quarter of 2024 to those for the same coverage in the respective quarter of 2023 for a year-over-year perspective.
Topics Trends USA Commercial Lines Business Å˽ðÁ«´«Ã½Ó³» Pricing Trends Willis Towers Watson
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