US commercial insurance rate gains slowed to 7% in Q3 after a spike
US commercial insurance prices were up some 7 percent year on year in the third quarter of 2021, down from a spike to low double-digits in late 2020 and marginally below a bout of stability near 8 percent in H1, according to the quarterly Commercial Lines Insurance Pricing Survey (CLIPS) by Willis Towers Watson.
Gains look notable "for nearly all lines" in Q3, Willis Towers Watson claimed in a press release briefly covering results.
“The aggregate price increases continue to be strong in the third quarter, though slightly lower than the previous quarter, and the rate of price increases has moderated for most lines,” said Yi Jing (pictured), director of Insurance Consulting and Technology at Willis Towers Watson.
Professional liability enjoyed the heftiest price gains on "significantly accelerating prices over the previous seven quarters."
Excess/umbrella liability and directors’ and officers’ liability reported significant price increases, though lower than those in the second quarter of 2021.
Commercial auto saw reported price increases near or above double-digit levels for the sixteenth consecutive quarter, while property coverage accelerated again and saw near or above double digit increases for the tenth consecutive quarter.
Survey results continue to show "a slight price reduction" in workers compensation, although those decreases were said to have "tempered somewhat" for each of the last eleven quarters.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
