August 22, 2018
The following are key takeaways from The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Report Q2 2018 (April 1 — June 30):
- Premium pricing across all-sized accounts experienced slight increases during Q2 2018, with an average increase of 1.5 percent, compared to a 1.7 percent increase in Q1 2018 and 0.3 percent increase in Q4 2017.
- Respondents reported slight premium pricing increases for all lines of business except for workers’ compensation, which saw a -2.9 percent decrease in Q2 2018, continuing the downward trend that began in 2014.The average premium pricing increase across all lines was 2.0 percent, similar to the 2.2 percent average increase in Q1 2018.
- The demand for cyber insurance remained the highest out of all lines of business, according to respondents. Seventy-seven (77) percent of respondents reported a “somewhat” or “significant” increase in demand for cyber coverage.
- Q2 2018 was the 28th consecutive quarter of increased commercial auto rates: premium pricing for commercial auto increased 8.2 percent.
- As with Q1 2018, “driving organic growth” and “recruiting and developing talent” remained the top two organizational priorities for respondents’ firms, with 82 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 firstname.lastname@example.org.