Insurance broker WTW’s quarterly survey shows that US commercial insurance prices will continue to rise in the second quarter of 2023.
The company’s Commercial Lines Insurance Pricing Survey (CLIPS) compares insurance prices for policies underwritten in Q2 2023 to last year’s Q2.
This shows a total year-on-year increase of 6.1%, a slight increase from Q1 2023, which reported an increase of 5.6%.
The coverage area with the largest price increase was commercial property, which showed another quarter of double-digit increases, higher than the previous quarter.
WTW reports that all lines of coverage continued to show price increases throughout the second quarter, with Commercial Auto and Excess/Umbrella Liability showing near double-digit increases.
Workers’ compensation continued its trend of price declines, similar to previous quarters, while Directors & Officers Liability (D&O) and cyber also saw price declines.
Yi Jing, Director, Insurance Consulting and Technology, WTW, commented, “Prices continued to tighten in almost all commercial lines of coverage in the second quarter. Commercial Property, with a significant double-digit increase, was the main driver of the aggregate price increase of 6.1%, compared to the previous quarter.
