U.S. commercial insurance prices increased again during the second quarter 2022, according to WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS).
The aggregate commercial price change reported by carriers was nearly 6%. The survey compared prices charged on policies underwritten during the second quarter 2022 with those charged for the same coverage during the same period a year ago.
“The price increases for most lines continued to be strong in the second quarter of 2022. Commercial property saw a larger price increase than the prior quarter, in contrast to all other surveyed lines of business,” said Yi Jing, director, Insurance Consulting and Technology at WTW. “This seems to be consistent with the impact of recent changes in general inflation, particularly with the cost of materials and labor related to property
The CLIPS report showed “significant” price increases in the second quarter for nearly all lines of business except workers compensation and directors & officers. The largest price increase continue to be in cyber, although volume is much smaller than other lines, WTW said.
At the start of the second quarter in WTW’s Insurance Marketplace Realities report, the broker said that while price increases continued for most lines of business, the increases are decelerating and stabilizing. The CLIPS report noted the aggregate commercial change was near and above 10% during the second through fourth quarters of 2020.
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