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US commercial insurance prices nearly flat in Q3

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US commercial insurance prices nearly flat in Q3

The commercial insurance industry saw prices remain flat during the third quarter, according to the latest Willis Towers Watson Plc Commercial Lines Insurance Pricing Survey.

The survey compared prices charged on policies underwritten during the third quarter to those charged for the same coverage during the third quarter of 2015. Most price changes in the third quarter were also comparable to those seen in the second quarter.

Workers' compensation, commercial property and surety bonds had modest price declines, while directors and officers showed considerable price drops.

Commercial auto recorded significant price hikes. Alejandra Nolibos, director in Willis Towers Watson's Americas property and casualty insurance practice, said unfavorable loss trends continue in the commercial auto lines of business, but insurers seem to be securing price hikes.

Most other lines experienced low-single-digit price increases. Price changes were slightly negative for large accounts and mildly positive for small and mid-market ones.