US commercial insurance prices continued to increase in the fourth quarter of 2022, albeit at a marginally lower rate on increase than the previous quarter, according to WTW\u2019s Commercial Lines Insurance Pricing Survey.\r\n\r\nThe quarterly survey compared insurance prices on policies underwritten during the fourth quarter of 2022 to those charged for the same coverage throughout the same quarter in 2021. Commercial insurance prices reported by carriers increased by 4.8%, down from 5.2% in the previous quarter.\r\n\r\n\u201cRates continued to harden across nearly all lines of coverage in the fourth quarter, however at a slower pace. While the average change still showed an increase, overall market tempering demonstrates a trend of sustained market stabilisation,\u201d said Yi Jing, director, insurance consulting and technology, WTW.\r\n\r\nCommercial auto showed the biggest increase, with near or above double digits for the 21st consecutive quarter, slightly higher than prior quarter. Commercial property also saw a larger price increase than the previous quarter, in contrast to other survey lines.\r\n\r\nThe third-largest price increase came from excess\/umbrella liability, which saw significantly accelerating prices over the previous 14 quarters and experienced a slightly lower increase than the prior quarter, although it still saw a close to double-digit price increase, said WTW. The average price increase for cyber slowed down to single digit.\r\n\r\nThe broker said nearly all lines saw moderate-to-significant price increases in the fourth\u00a0quarter with the exception of workers compensation, which saw a slight price reduction, and D&O liability. The latter saw the greatest price reduction, with a slightly larger fall than the prior quarter.\r\n\r\nThe survey compared prices charged on policies underwritten during the fourth quarter of 2022 to those charged for the same coverage during the same quarter in 2021. The aggregate commercial price change reported by carriers spiked upward to nearly and above 10% in the second through the fourth quarters of 2020, and since then has started declining to just below 5% now in the fourth quarter of 2022, said WTW.