Commercial Prices Average 10.7 Percent Up in Q4
According to a survey conducted by the Council of Insurance Agents & Brokers, commercial insurance prices jumped by an average of 10.7% across all-size accounts in the fourth quarter. The increase comes after prices rose 11.7% in the third quarter of last year. The fourth-quarter increase was the 13th straight quarter that saw prices rise. It also was the third straight quarter where premiums rose for all lines.
The survey says large accounts saw the biggest increase at 13.7%. Medium accounts and small accounts saw increases of 11.7% and 6.7%, respectively. Based on lines of insurance, umbrella coverage had the largest price increase at 21.3%. Directors and officers saw an increase of 14.7%, and commercial property premiums rose by 2.9%. Cyber coverage reported a price increase of 11.1%. This was the first time that figure reached double digits since the Market Index began tracking the business.