U.S. Commercial insurance prices increased again during the first quarter of 2021, up by just under 8% compared to a year ago, according to Willis Towers Watson PLC's market research price survey released on Tuesday.
However, the overall commercial price increase was moderated from a 10% increase in the fourth quarter of 2020.
The price increases for almost all lines were lower than those reported in each of the previous three quarters, Willis said.
Liability for surplus / umbrella and board members and civil servants liability insurance saw the largest price increases, but also reported the largest decrease compared to the fourth quarter of 2020, according to the survey.
Commercial car saw almost or over double-digit price increases for the 1
The survey continued to indicate a small price reduction f or work compensation, unlike almost all other lines examined.
According to account size, the reported price changes were more off for small commercial accounts, slightly below double digits for intermediate accounts and above double digits for large accounts and special lines, according to the report.
“The rate of price increase has moderated quite markedly, all the while still rising against historical standards. This is evident from the absolute value of the business from the fourth quarter last year to now, which is one of the largest quarterly movements we have seen in the history of the survey, said Yi Jing, head, insurance consultant and technology at Willis Towers Watson, in a statement.