Commercial Insurance Prices in U.S. Remain Flat During Fourth Quarter
Commercial insurance prices in the
Most price changes were comparable with those reported in the third quarter. Data for two lines -- workers compensation and commercial property -- indicated modest price decreases, while directors and officers data continued to suggest more significant, albeit moderating, price reductions. In contrast, commercial auto once again experienced meaningful price increases. For most other lines, price increases were in the low single digits. Price changes were fairly similar across segments, though slightly negative for large accounts and marginally positive for small and mid-market ones.
"The rapid growth in the rate of price increases seen in 2012 has since slowed for much of the commercial market, but not for commercial auto. This line's cumulative price increase since 2012 is over 25%, compared to about 10% for the surveyed commercial market as a whole," said
About CLIPS
CLIPS data are based on both new and renewal business figures obtained directly from carriers underwriting the business. CLIPS participants represent a cross section of
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