U.S. Commercial insurance price increases continued to decline during the second quarter of 2021, although almost all lines reported significant increases, Willis Towers Watson PLC said in its commercial insurance price survey released on Monday.
The overall commercial price increase slowed to just over 6% during the quarter, from just under 8% in the first quarter and over 10% in the second to fourth quarters of 2020, Willis said. largest reduction in the price, followed by the board members' responsibilities according to the survey.
Commercial cars saw near or above double-digit price increases for the 15th consecutive quarter, while property coverage also saw double-digit increases for the ninth consecutive quarter, Willis said in the report.
The survey continued to show a slight reduction in workers' compensation prices, in contrast to almost all other lines soured, although the rate of decline has slowed for each of the last 1
According to account size, the reported price changes were all below double digits, except for special lines.
Both the intermediate market and the large accounts had a large reduction in the price increase, according to the survey.
“The rate of price increase has slowed again during the second quarter while still being higher than historical standards. This is largely driven by significantly lower price increases for surplus / umbrella and managerial and managerial responsibilities than in previous quarters, says Yi Jing, director, insurance consultant and technology at Willis Towers Watson, in a statement.