A new survey from WTW has found that prices for US commercial insurance increased again during the third quarter of the year.
A statement from the firm said that it had compared prices charged on policies underwritten during Q3 2022 to those charged for the same coverage during Q3 2021.
The aggregated commercial price change reported by carriers was an increase of 5%, down slightly from 6% during the previous quarter.
Data for nearly all lines continued to indicate price increases in the third quarter, except for Directors & Officers’ liability (D&O) and Workers Compensation, with D&O showing a larger price decrease than was reported in the previous quarter.
The firm said that the highest rate increases continued to be cyber in the third quarter, however, the increase was much lower than was observed in the previous quarter. When comparing account sizes, reported price changes were all in single digits, with specialty lines demonstrating the smallest price increase.
Yi Jing, director of insurance consulting and technology at WTW, said: “The moderation of rate increases was clearly evident in our reported results for the third quarter. Package commercial multi-peril/business owner policies were exceptional, with a higher price increase than previous quarter.”