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US commercial insurance prices nearly flat YOY in Q3

Commercial insurance prices were again nearly flat in the third quarter, according to the latest Willis Towers Watson Plc Commercial Lines Insurance Pricing Survey.

Price changes reported by carriers averaged less than 1% for the ninth consecutive quarter, following a moderating trend in price increases that began in the first quarter of 2013.

Price changes in the third quarter for most lines of business were fairly consistent with changes in the second quarter. Workers compensation and directors and officer's liability data indicated moderate price decreases, while commercial property prices decreased slightly.

The outlier continues to be commercial auto with meaningful price increases that have been accelerating. For most other lines, price changes fell in the low-single digits. Price changes were positive for small-account sizes and fairly flat for mid-market and large accounts.