Commercial insurance prices up in Q2: WTW

U.S. commercial insurance prices increased by 6.1% in the second quarter, up from 5.6% in the first quarter, Willis Towers Watson PLC said in a report released Monday. 

WTW’s latest Commercial Lines Insurance Pricing Survey compared prices on policies underwritten during the second quarter of 2023 to those for the same coverage in the year-earlier period. 

Commercial property saw the largest hike with another double-digit increase in the quarter, higher than in the year-earlier period.  

Commercial auto and excess/umbrella liability also saw near double-digit increases as nearly all lines continued to see higher prices. 

Directors and officers liability and cyber saw price decreases at even greater rates than in the year-earlier quarter, while workers’ compensation maintained its trend of price decreases.