The CIAB’s Commercial Insurance Markets Index survey found the most significant increases for medium-sized accounts-those generating between $25,000 and $100,000 in commissions and fees-with 87% of the respondents reporting that rates for such accounts had increased during the previous 90 days. Nearly one-third of the respondents said that the increase was greater than 10%.
Respondents also reported increases in pricing for small and large accounts, though not as great as those experienced by the medium-sized accounts.
The commercial automobile and workers compensation lines appeared to be experiencing the greatest degree of hardening. When asked to describe the market for individual lines of insurance purchased by medium-sized and large accounts, 74% of respondents called workers comp “very hard” or “somewhat hard” compared to three months earlier, while 66% said the same of the commercial auto market.
Property and general liability insurance for these accounts also showed signs of hardening, while umbrella coverage remained largely unchanged.
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