Commercial insurance prices increased by 5% in aggregate in 2013's third quarter, says Towers Watson, but the risk consultant forecasts the hardening trend will taper.
Data from the Towers Watson Commercial Lines Insurance Pricing Survey (CLIPS), obtained from 43 insurers representing about 20% of the U.S. property and casualty commercial-insurance market, shows the Q3 increase follows 11 consecutive quarterly price hikes.
However, aggregate pricing dropped by a point since the same period last year.
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