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Press Release

U.S. commercial insurance rates continue to show an aggregate increase just above 6%

December 11, 2023

Commercial Lines Insurance Pricing Survey 2023 Q3
Insurance Consulting and Technology

NEW YORK, December 11, 2023 — U.S. commercial insurance prices have sustained an upward trajectory in the third quarter of 2023, according to the latest findings from WTW's Commercial Lines Insurance Pricing Survey (CLIPS). The quarterly survey compared insurance prices for policies underwritten during the third quarter of 2023 with those charged for the same coverage throughout the corresponding quarter in 2022. Carriers report an aggregate commercial price change that remains above 6%, specifically at 6.1%, showing a slight decrease from the rate of 6.4% in the previous quarter (Q2’23).

Continuing on an upward trajectory, rates in the third quarter reflect a subtle shift from the prior quarter.”

Yi Jing | Director of Insurance Consulting and Technology, WTW

The coverage area that experienced the greatest price increase was Commercial Property, showcasing a notable double-digit surge, although slightly lower than the previous quarter. Following the trend of price increases is Excess/Umbrella liability, which demonstrated a double-digit surge and slightly higher growth rate compared to the last quarter, signaling a consistent uptrend over the past 17 quarters. In contrast, Directors & Officers liability witnessed a decrease in prices, though less pronounced than the prior quarter, aligning with the observed trends in Commercial Property and Cyber.

"Continuing on an upward trajectory, rates in the third quarter reflect a subtle shift from the prior quarter," said Yi Jing, Director of Insurance Consulting and Technology at WTW. "Various coverage areas exhibited noteworthy shifts, with some experiencing notable increases and others maintaining a consistent upward trajectory."

CLIPS is a retrospective look at historical changes in commercial property & casualty insurance (P&C) prices and claims cost inflation. A forward-looking analysis of commercial P&C trends, outlook, and rate predictions can be found in WTW’s Insurance Marketplace Realities series. 

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CLIPS data are based on both new and renewal business figures obtained directly from carriers underwriting the business. CLIPS participants represent a cross section of U.S. P&C insurers that includes many of the top 10 commercial lines companies and the top 25 insurance groups in the U.S. This survey compared prices charged on policies written during the third quarter of 2023 with the prices charged for the same coverage during the same quarter of 2022. For this most recent survey, 43 participating insurers representing approximately 20% of the U.S. commercial insurance market (excluding state workers compensation funds) contributed data.

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