Commercial-insurance rates were up by 7 percent in 2013's first quarter compared to the same period a year ago, essentially continuing the pace of increases seen over the past two quarters, Towers Watson says in a recent survey.
In its most recent Commercial Lines Insurance Pricing Survey (CLIPS), Towers Watson notes that the largest rate increases were in workers' compensation and employment practices liability lines, adding that no line of business showed increases of less than 4 percent in the quarter. Towers Watson also says increases were observed across all account sizes for standard-commercial lines, with larger increases in mid-market accounts than in large accounts and small accounts.
In its previous CLIPS survey covering 2012's fourth quarter, Towers Watson observed a pause in the rate-increase acceleration seen since the start of 2011. That trend continued in 2013's first quarter.
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