Growth in Q1 2024 remained on-trend with previous quarters, which have consistently seen around 6% price increases each quarter since the COVID pandemic. (Credit: VectorMine/Adobe Stock)
Commercial lines insurance prices increased 6.3% year-over-year in the first quarter of 2024, according to Willis Towers Watson's (WTW) latest Commercial Lines Insurance Pricing Survey (CLIPS).
Data for the CLIPS is obtained directly from commercial lines carriers, with participants consisting of many of the top-10 commercial lines companies and top-25 U.S. insurance groups. The 43 participating insurers reportedly represent around 20% of the U.S. commercial insurance market, excluding state workers compensation. The survey compares prices charged during a quarter with prices charged in the corresponding quarter of the previous year.
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