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Commercial Prices Nearly Flat

Commercial insurance prices were nearly flat during the second quarter of 2016, according to the most recent Commercial Lines Insurance Pricing Survey. Willis Towers Watson, a leading global advisory, broking and solutions company, conducted the survey, which compared prices charged on policies underwritten during the second quarter of 2016 to those charged for the same coverage during the equivalent quarter last year....
September 19, 2016

Commercial insurance prices were nearly flat during the second quarter of 2016, according to the most recent Commercial Lines Insurance Pricing Survey (CLIPS). Willis Towers Watson, a leading global advisory, broking and solutions company, conducted the survey, which compared prices charged on policies underwritten during the second quarter of 2016 to those charged for the same coverage during the equivalent quarter last year.

For most commercial lines, price changes were comparable with those reported in the first quarter. Also consistent with the previous quarter, three lines (workers compensation, commercial property, and directors and officers) reported price decreases. Conversely, meaningful price increases were once again reported for commercial auto. Most other lines generally showed decelerating price increases in the low single digits. For the seventh consecutive quarter, price increases were small in aggregate for both large accounts and the middle market. Also like prior quarters, price changes for small accounts were small.

 

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