U.S. commercial insurance prices rose "modestly" in the first quarter with price changes of more than 1% for the first time in nearly three years, according to a Willis Towers Watson report.
Commercial property price data showed that prices have increased in the low- to mid-single digits for the second-straight quarter. Price increases in commercial auto neared double digits for the second consecutive quarter as the segment continues to be an "outlier," according to the report. Workers compensation continued to see price reductions.
Additionally, Willis Towers Watson noted that all account sizes saw positive price changes, as midmarket and large accounts became more in tune with larger increases seen in small accounts.
