May 16, 2019
The following are key takeaways from The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Report Q1 2019 (January 1 – March 31):
- Premium pricing across all-sized accounts saw continued increases during Q1 2019, with an average increase of 3.5 percent, compared to a 2.4 percent increase in Q4 2018 and a 1.6 percent increase in Q3 2018. This marks the seventh consecutive quarter of increased premium pricing by account size.
- Respondents reported increases in premium pricing for all lines of business except for Workers’ Compensation, which saw a 3.3 percent decrease in Q1 2019. Commercial Auto (8.8 percent), Commercial Property (5.9 percent) and Umbrella (3.3 percent) experienced the highest rate increases.
- Q1 2019 was the 31st consecutive quarter of increased Commercial Auto rates, with a nearly 9 percent increase in premium pricing. This marks the highest rate change since the trend began in Q3 2011.
- Three-fourths (75 percent) of respondents said they had seen a somewhat or significant increase in demand for Cyber coverage, demonstrating that interest in Cyber Insurance remained consistently high between Q4 2018 and Q1 2019.
- “Driving organic growth” and “recruiting and developing talent” were again both the top two priorities and the top two challenges for respondents’ firms. On the client side, cyber risk and future premium increases remained top client concerns.
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 Robert.Boyce@ciab.com.