U.S. commercial insurance prices increased by an average of 6.1% in the third quarter, matching the second quarter, with commercial property and excess/umbrella liability lines seeing double-digit rate increases, Willis Towers Watson PLC said in a report released Monday.
Commercial property saw the greatest rate increase, with a double-digit surge, though at a slightly lower rate than in the previous quarter, WTW said.
Excess/umbrella liability also saw a double-digit increase at a higher rate than the previous quarter.
In contrast, directors and officers liability and cyber coverage continued to show rate decreases, but at somewhat slower rates than in the prior quarter.
“Continuing on an upward trajectory, rates in the third quarter reflected a subtle shift from the prior quarter,” Yi Jing, director, insurance consulting and technology at WTW, said in a statement.
“While the overall increase rate was somewhat similar to the prior quarter, some coverage lines experienced notable double-digit increases,” Ms. Jing said.