US commercial insurance rate growth slows to 5% in Q3: WTW

US commercial insurance prices in the US decelerated on the whole during the third quarter to a 5% annual pace from the neighbourhood 10% level seen Q2 through Q4 2020,  WTW’s US commercial lines pricing and profitability survey CLIPS indicated.

"Data for nearly all lines continue to indicate significant price increases in the third quarter with the exception of workers compensation and directors & officers’ liability," authors said in summary of finding.

Pricing for workers comp was said to be in a "slight" reduction while directors & officers saw its decrease increase in size versus prior.

The largest price increase continues to be seen in cyber, a new entrant to the survey since Q4 2021, although volumes are much smaller than other lines.

Excess/umbrella liability also looks strong with "significantly accelerating prices over the previous thirteen quarters" now "nearly" double-digit, albeit lightly down from the rate of growth one quarter prior.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.