Commercial insurance rate increases moderated a bit in the second quarter of this year slightly off the pace of the previous two quarters, according to the Council of Insurance Agents & Brokers.
The association's quarterly survey of insurance rates shows while prices continue to climb, the rate of increase fell a little more than a full point on average from the first quarter to 4.3 percent. Small and medium size accounts had the sharpest increases in Q2 at 4.6 and 4.7 percent respectively, but even there the increases were off slightly by 0.6 points from the Q1 survey. Large accounts were not immune to increases, but the rate of increase fell 1.1 percentage points compared to Q1 to 3.8 percent.
“There weren't any great surprises in the second quarter,” says CIAB President and CEO Ken A. Crerar. “Prices inched up, underwriting tightened and insurers looked to reduce exposure in some critical areas. However, the market hardening appears to have moderated in the last quarter.”
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