In the first quarter of 2024, commercial insurance prices in the U.S. went up by 6.3% compared to last year. This information comes from a survey done by Willis Towers Watson (WTW).
This survey gets its data directly from big insurance companies. It includes many of the top 10 commercial lines companies and top 25 U.S. insurance groups. The survey’s goal is to compare prices from one quarter to the same quarter of the previous year.
Key Findings:
- Excess Umbrella Liability Coverage: This type of insurance, which covers very high cost legal claims, has seen big price increases over the last few years. In the last part of 2022, the price growth was smaller, but since early 2023, the prices have gone up a lot again.
- Commercial Property Coverage: The price for this type of insurance has jumped back to double-digit increases in the last several quarters, after slower growth from early 2021 to the end of 2022.
- Cyber Insurance: Prices for cyber insurance have gone down in the last few quarters after rising a lot from mid-2020 to the third quarter of 2022.
- Directors and Officers (D&O) Liability Insurance: This type of insurance saw big price drops starting in mid-2022, but it has now leveled out.
In summary, commercial insurance prices continue to rise, with some types seeing more significant increases than others. This trend is important for businesses to watch as they plan their insurance needs.
