Broker: Commercial Lines Prices See Another 6% Hike

According to broker WTW’s Commercial Lines Insurance Pricing Survey, rates for commercial lines went up overall by an average of 6.1% during the third quarter.

As reported in Insurance Journal, prices for commercial property continued to stabilize, while excess/umbrella liability rates saw double-digit price hikes, continuing trends from the prior quarter.

“Results for this quarter reflect continued shifts in the commercial insurance landscape,” said Yi Jing, senior director for insurance consulting and technology at WTW. “Sectors like commercial auto and excess/umbrella liability continue to face pricing pressures, while others, such as commercial property, are stabilizing. These developments highlight a market in transition, as insurers adapt to evolving risks and economic conditions.”

The survey compares policies from the third quarter of this year to those written in the third quarter of 2023 to highlight the year-over-year change.