US commercial insurance prices see biggest quarter-to-quarter hike in Q2, finds WTW

US commercial insurance prices rose close to double digits in the second quarter of 2020, reflecting the largest recorded quarter-to-quarter acceleration, according to broker Willis Towers Watson (WTW). WTW's latest Commercial Lines Insurance Pricing Survey (CLIPS) found that rates increased substantially during Q2, rising by almost 10 percent compared with prices charged during the same quarter of 2019. Excess/umbrella and directors’ and officers’ liability saw the largest price increases, growing by over 20 percent for the second consecutive quarter. Commercial auto data indicated price increases near or above double digits for the 11th consecutive quarter. Property prices...