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Commercial coverage prices saw modest increase in Q1: survey
The biggest price jump occurred in commercial auto coverage
Staff on June 13, 2016
Commercial insurance prices increased by less than one per cent in the first quarter of 2016 compared to the first quarter of 2015, according to Willis Towers Watson’s new Commercial Lines Insurance Pricing Survey. This continues a three-year trend of modest increases.
The biggest price jump occurred in commercial auto coverage, “where poor claim results have driven meaningful price increases over the past three quarters,” says Sean McDermott, director in Willis Towers Watson’s Americas property & casualty insurance practice.
Commercial property and D&O insurance continued to report small price decreases.
Most other lines saw modest price changes either way, usually in the low single digits.
“The overall results in the first quarter were generally flat and about what we expected,” McDermott says. “Despite ample capacity, price increases, albeit small, are still holding as claim cost inflation remains modest.”
Commercial coverage prices saw modest increase in Q1: survey
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