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Survey Report

U.S. commercial insurance prices showed an aggregate increase just below 5%

Commercial Lines Insurance Pricing Survey 2022 Q4

March 13, 2023

WTW’s Q4 Commercial Lines Insurance Pricing Survey again indicates moderate to significant upward price adjustments for multiple lines
Insurance Consulting and Technology

U.S. commercial insurance prices grew again in the fourth quarter of 2022, according to WTW’s most recent Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies underwritten during the fourth quarter of 2022 to those charged for the same coverage during the same quarter in 2021. The aggregate commercial price change reported by carriers spiked upward to nearly and above 10% in the second through the fourth quarters of 2020, and since then has started declining  to just below 5% now in the fourth quarter of 2022.

Line of business price changes

Data for nearly all lines indicate moderate to significant price increases in the 4th quarter with the exception of workers compensation and directors & officers liability. CLIPS continues to indicate a slight price reduction for workers compensation. Directors & Officers liability saw another quarter price decrease, larger than prior quarter. Both Commercial property and Commercial auto liability saw a larger price increase than last quarter, in contrast to all other survey lines. Commercial auto saw reported price increases near or above double digits for the twenty-first consecutive quarter. Cyber which was first introduced into the survey in the 4th quarter of 2021 with the volume being much smaller than all other lines, slowed down its price increase to single digit. The third largest price increase came from excess/umbrella liability which saw significantly accelerating prices over the previous fourteen quarters and experienced a slightly lower increase than the prior quarter although still a close to double-digit price increase.

Account size price changes

When comparing account sizes, reported price changes were all below double digits including specialty lines which now has a small price decrease driven by Directors & Officers liability.


Insurance Consulting and Technology

Managing Director
Insurance Consulting and Technology

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