Commercial insurance prices rise in Q1: WTW

U.S. commercial insurance prices increased 5.6% in aggregate during first-quarter 2023, up from 4.8% in fourth-quarter 2022, according to a report Tuesday from Willis Towers Watson PLC.

The first-quarter Commercial Lines Insurance Pricing Survey compares insurance prices on policies underwritten during the first quarter of 2023 to those charged for the same coverage throughout the same quarter in 2022, a Willis statement said.

Commercial property saw the largest hike with a double-digit increase, trending higher than in the prior quarter.  Commercial auto also saw a double-digit increase, albeit slightly lower than in the prior quarter, Willis said.

Workers’ compensation and directors and officers liability saw price decreases similar to the prior quarter.

Survey data is based on both new and renewal business figures obtained directly from insurers underwriting the business. For this most recent survey, 43 participating insurers representing approximately 20% of the U.S. commercial insurance market, excluding state workers compensation funds, contributed data, according to the statement.