November 15, 2018
The following are key takeaways from The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Report Q3 2018 (July 1 — September 30):
- The average increase for premium pricing across all sized accounts was 1.6 percent, compared to a 1.5 percent change in Q2 2018.
- With the exception of Workers’ Compensation, all other lines of business experienced increases in premium pricing. The average increase across all lines was 1.9 percent, similar to the average increases reported in Q2 (2.0 percent) and Q1 (2.2 percent).
- Demand for cyber coverage remained high in Q3: 76 percent of broker respondents reported an increase in demand for cyber insurance, consistent with number reported in the first half of 2018.
- Q3 2018 was the 29th consecutive quarter of increased Commercial Auto rates: premium pricing for Commercial Auto increased 7.0 percent, compared to 8.2 percent in Q2 2018.
- As with Q2 2018, “driving organic growth” and “recruiting and developing talent” remained the top two organizational priorities for respondents’ firms, with 77 percent of respondents listing the former and 73 percent the latter.
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.