Commercial insurance prices in the United States increased by 6% in total during the first quarter, about one point lower than the total increase during the fourth quarter of 2021, according to Willis Towers Watson PLC’s latest price survey.
“Price increases for most lines continued to be strong during the first quarter of 2022, although the increase decreased compared to previous quarters,” said Yi Jing, Head of Insurance Consulting and Technology at Willis, in a statement with the survey. which was released late on Wednesday.
Cyber continued to show a significant increase in interest rates, although the reported volume is much smaller than other lines, the survey said.
Professional responsibility, which had increased significantly during the previous nine quarters, saw a double-digit interest rate increase, even though it was lower than during the previous quarter, Willis said.
Other lines, with the exception of work injury compensation, continued to show price increases that were similar or slightly lower than during the fourth quarter of 2021.
Wages saw that the average reduction continued.
The first quarter’s reported price increases were lower than the previous quarter in all size categories.