P/C Price Increases Grow in Q2
In its commercial property and casualty market survey for the second quarter of 2019, the Council of Insurance Agents & Brokers (CIAB) found that pricing increases for accounts of all sizes rose an average of 5.2 percent, compared with an average of 3.5 percent in the first quarter of 2019 and 2.4 percent in the fourth quarter of 2018. The largest increases were seen in medium-sized accounts at 6.2 percent on average, followed by large accounts at 5.6 percent and small accounts at 3.9 percent. Prices increases for commercial lines, except workers’ compensation, averaged 4.6 percent during the second quarter, compared with 3.4 percent in the first quarter.
Commercial property posted an 8.5 percent increase, compared with 5.9 percent in the first quarter — marking the first time since the end of 2014 in which another line rose more than commercial auto, where premiums rose 8.4 percent compared with 8.8 percent in the previous quarter. General liability premiums climbed an average of 3.2 percent, compared with an average of 2.0 percent in the first quarter, and umbrella coverage rose an average of 5.7 percent, compared with 3.3 percent. Meanwhile, workers’ compensation premiums fell an average of 2.5 percent, compared with an average decline of 3.3 percent in the first quarter.