Cyber Price Increases Accelerate in Q1
A Council of Insurance Agents & Brokers survey reveals that commercial insurance prices increased by an average of 10 percent across all account sizes in the first quarter, but troubled lines like cyber and umbrella saw much higher increases.
Premiums were up for all lines of business for the fourth straight quarter. However, increases were the highest for the cyber and umbrella lines of business. Cyber reported an average increase of 18 percent, compared to 11.1 percent in the fourth quarter. Despite that increase, 93 percent of survey respondents reported an increase in demand for cyber insurance in the first quarter of 2021. Umbrella policies saw an average increase of 19.7 percent, which is a decrease of 21.3 percent from the fourth quarter of 2020.