US commercial insurance prices rose again during the third quarter, according to new data from global broker WTW.
WTW’s Commercial Lines Insurance Pricing Survey compared prices charged on policies written during Q3 to those charged for the same coverage during the same period in 2021.
Carriers reported an aggregate commercial price increase of 5%, down slightly from the 6% rise in Q2.
Data from nearly all lines of business indicated price increases in the third quarter, except for directors and officers and workers’ compensation, WTW said. D&O showed a larger price decrease than was reported in Q2.
The highest rate increases continued to be in cyber insurance. However, the increase there was much lower in Q3 than in the previous quarter, WTW said. When comparing account sizes, all reported price changes were in the single digits, with specialty lines posting the smallest increase, the survey found.
“The moderation of rate increases was clearly evident in our reported results for the third quarter,” said Yi Jing, director of insurance consulting and technology at WTW. “Package commercial multi-peril/business owner policies were exceptional, with a higher price increase than previous quarter.”
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