Commercial insurance rates in the U.S. rose 5.9% on average in the second quarter, compared to the same period last year, according to Willis Towers Watson’s latest rate survey.
The overall increase was similar to that seen in the first quarter, Willis said.
Data for nearly all lines of business continued to indicate significant rate increases in the second quarter, with directors’ and officers’ liability and workers’ compensation notable exceptions, Willis said.
Commercial properties saw a larger rate increase than other surveyed lines in the second quarter compared to the same period last year.
“This appears to be consistent with the impact of recent changes in general inflation, particularly with the costs of materials and labor related to property damage repairs,”; Yi Jing, head of insurance consulting and technology at Willis, said in a statement accompanying the survey.
D&O liability saw a small price decrease compared to a moderate rate increase in the same period last year, while workers’ compensation also decreased slightly.
Cyber continued to see the largest rate increase in the second quarter, although the reported volume was much smaller than other lines, Willis said.
When comparing account sizes, reported rate changes were all under double digits including specialty lines, Willis said.