U.S. commercial insurance prices grew by just under 2% in the fourth quarter of 2018.
Most of the price changes were again similar to those logged in the previous quarter, according to Willis Towers Watson PLC's Commercial Lines Insurance Pricing Survey. Commercial property and commercial auto both experienced material price increases, while ongoing material price reductions for workers' compensation were seen.
"Price increases for the fourth quarter were primarily modest, yet sustaining the level reported throughout 2018," said Jeffrey Carlson, Willis Towers Watson's insurance consulting and technology director. "Also, the uptick in carriers' reported claim cost inflation for 2018 may be contributing to upward pressure on rates."