The following are key takeaways from The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Report Q2 2021 (April 1 – June 30):
- Q2 2021 was the 15th consecutive quarter of increased premiums, with respondents reporting an average increase of 8.3% across all-sized accounts.
- Premiums increased for all lines of business for the 5th consecutive quarter, though price increases for all lines moderated in Q2 2021 compared to previous quarters. The only exception was Cyber, which recorded the highest premium increase out of all lines, 25.5%, surpassing the17.4% increase in Umbrella by a significant margin.
- Respondents agreed a rise in ransomware attacks, combined with lackluster risk management protocols and lack of employee training, was one of the primary drivers behind the notable increase in Cyber prices.
- Underwriting tightened significantly for troubled lines like Cyber and Umbrella. Additionally, capacity contracted for both of those lines, with more than 80% of respondents reporting a decrease in capacity for Cyber, and more than 70% reporting the same for Umbrella.
Our Q1 reports are accessible below.