U.S. commercial prices rose 5% in the third quarter, down slightly from 6% in the second quarter, Willis Towers Watson PLC said in a report released Monday.
The combined increase of 5% compared to an increase of just over 7% in the same period last year, based on data from WTW’s Commercial Lines Insurance Pricing Survey.
Almost all lines saw fare increases in the third quarter. Notable exceptions were directors’ and officers’ liability and workers’ compensation, WTW said.
D&O showed a larger price decline than reported in the second quarter.
Cyber continued to see the highest rate of increase, but it was much lower than the increase in the second quarter.
When comparing account sizes, reported price changes were all in the single digits, with specialty lines seeing the smallest price increase, WTW said.
“The moderate rate hikes were evident in our reported results for the third quarter. Multi-peril/carrier package business policies were exceptional, with a higher rate increase than the previous quarter,”; Yi Jing, director, insurance consulting and technology at WTW, said in a statement.