May 11, 2018
The following key takeaways are from The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Report Q1 2018 (January 1 – March 31):
- Premium pricing across all-sized accounts experienced slight increases during Q1 2018, with an average increase of 1.7 percent, compared to a 0.3 percent increase in Q4 2017.
- All lines of business experienced some increase in premium pricing, with the exception of Workers’ Compensation, which saw a -2.0 percent decrease for the second consecutive quarter. The average increase across all lines of business was 2.2 percent, compared to 1.7 percent in Q4 2017.
- According to respondents, the demand for cyber insurance is greater than any other line of business. Seventy-nine (79) percent of respondents reported a “somewhat” or “significant” increase in demand for cyber coverage.
- Premium pricing for commercial auto increased 7.7 percent in Q1 2018, marking the 27th consecutive quarter of increased commercial auto rates.
- Driving organic growth, hiring and recruiting talent and enhancing the customer experience remain top organizational priorities for respondents’ firms. Nearly 80 percent of respondents listed “driving organic growth” as a top priority for 2018.
The Council relies on data from broker members to create this report. To participate in future surveys or for questions/comments, please contact The Council’s Rob Boyce at firstname.lastname@example.org.