U.S. commercial insurance prices increased by nearly 6 percent during second-quarter 2022, according to WTW’s most recent Commercial Lines Insurance Pricing Survey (CLIPS).
The survey compared prices charged on policies underwritten during Q2 2022 with those charged for the same coverage during the same period a year ago.
The CLIPS report showed “significant” price increases in the second quarter for nearly all lines of business except workers compensation and directors & officers, which both saw a small decrease in price. The largest price increase continued to be in cyber, although volume is much smaller than other lines, WTW said.
“The price increases for most lines continued to be strong in the second quarter of 2022. Commercial property saw a larger price increase than the prior quarter, in contrast to all other surveyed lines of business,” said Yi Jing, director, Insurance Consulting and Technology at WTW. “This seems to be consistent with the impact of recent changes in general inflation, particularly with the cost of materials and labor related to property damage repairs.”