The quarterly report from Towers Watson showed an increase of almost 7 percent in aggregate commercial insurance prices.
Along with workers' comp, employment practices liability also showed the largest price increases. No line of business had an overall price increase of less than 4 percent, the report says.
The report, The Commercial Lines Insurance Pricing Survey, represented the ninth straight quarter for commercial insurance price increases. It compared pricing for coverage purchased in the first quarter of 2013 to that of the same quarter in 2012, as reported by participating insurance carriers.
"Pricing data reported by carriers for the first quarter of 2013 is consistent in magnitude with the price increases reported in the last two surveys to close out 2012," the report says. "Price increases in total and by line of business were generally consistent with price increases in the fourth quarter of 2012, but with mild increases in magnitude for professional liability, and mild decreases in magnitude for workers' compensation and employment practices liability."
By Nancy Grover
Read more at the WorkersComp Forum homepage.
July 15, 2013
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