US commercial insurance price increases continued to ease in the second quarter of 2021 to an average of 6%, though nearly all lines reported increases, according to Willis Towers Watson (WTW).
As first reported in our sister publication Business Insurance, this is down from 8% in Q1 and a peak of 10% in the last three quarters of 2020, WTW explained in its US commercial lines insurance pricing survey.
“The rate of price increases has moderated again in the second quarter, while still elevated versus historical norms. This is largely driven by significantly lower price increases for excess/umbrella and D&O liability than previous quarters,” Yi Jing, director, insurance consulting and technology at WTW, said in a statement.
Commercial auto 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, WTW says in the report.
The survey continued to show a slight price decrease for workers compensation, in contrast to nearly all other lines surveyed, though the rate of decrease has tempered for each of the last ten quarters, according to the survey.
Both large and midmarket accounts saw a reduction in price increases during Q2, according to the survey.
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