U.S. Commercial insurance rate hikes were close to double digits during the second quarter with surplus / umbrella and directors 'and officers' responsibilities being greatest, according to Willis Towers Watson PLC's insurance pricing for commercial lines was released on Monday.
The total increase for all lines reported by insurers was just under 10%, an increase from 3% in the second quarter last year, the survey found.
Increases in specialist lines were well into the double digits, driven by D&O and medical professional responsibility, Willis Towers Watson
According to the industry distribution, an increase in interest and umbrella and D&O responsibility lines was seen by 20% for the second quarter in a row.
Interest rate hikes for commercial vehicles were close to or above double digits and property rate hikes were well into the two digits, said Willis Towers Watson.
Only workers' compensation saws decreased, although they continue to slowly decrease in size, the survey found. [1
"combination of social inflation, civil unrest, the economy and the uncertainty surrounding COVID-19 has created a more cautious industry," Jeffrey Carlson, director of försäkringskonsult- and Technology Department at the Willis Towers Watson.
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