March 5, 2019
The following are key takeaways from The Council of Insurance Agents & Brokers’ Commercial
Property/Casualty Market Report Q4 2018 (October 1 – December 31):
- Premium pricing across all-sized accounts again experienced slight increases during Q4 2018, with an average increase of 2.4 percent, compared to a 1.6 percent increase in Q3 2018 and a 1.5 percent increase in Q2.
- Respondents reported slight premium pricing increases for all lines of business except for Workers’ Compensation, which saw a 3.3 percent decrease in Q4 2018, Cyber (0.2 percent decrease), and Terrorism (0.2 percent decrease). The average premium pricing increase across all lines was 2.1 percent, similar to the 1.9 percent average increase in Q3 2018.
- The demand for cyber insurance remained the highest out of all lines of business, according to respondents. Seventy-six (76) percent of respondents reported a “somewhat” or “significant” increase in demand for cyber coverage in Q4 2018, the same increase recorded in Q3.
- Q4 2018 was the 30th consecutive quarter of increased commercial auto rates: premium pricing for commercial auto increased 7.0 percent.
- As in 2018, “driving organic growth” and “recruiting and developing talent” remained the top two organizational priorities for respondents’ firms, with 75 percent of respondents listing the former and 70 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.