Insurance broker WTW’s quarterly survey shows that U.S. commercial insurance prices have continued to increase in the second quarter of 2023.
The company’s Commercial Lines Insurance Pricing Survey (CLIPS) compares insurance prices on policies underwritten during Q2 2023 to the prior year Q2.
It shows an overall year-on-year increase of 6.1%, slightly up from Q1 2023, which reported an increase of 5.6%.
The coverage area with the greatest price increase was commercial property, which showed another quarter of double-digit increase, even higher than the previous quarter.
WTW’s reports that all lines of coverage continued to show price increases throughout the second quarter, with Commercial Auto and Excess/Umbrella Liability demonstrating near double-digit increases.
Workers’ compensation maintained its trend of price decreases, similar to prior quarters, while Directors & Officers Liability (D&O) and cyber also saw price decreases.
Yi Jing, Director, Insurance Consulting and Technology, WTW, commented, “Rates continued to harden across nearly all commercial lines of coverage in the second quarter. Commercial Property, which had a significant double-digit increase, was the main driver of the aggregate price increase of 6.1%, compared with the prior quarter.”
