The Council of Insurance Agents & Brokers (CIAB) has released their Commercial Property/Casualty Market Report for Q3 2018 (1 July – 30 September). As a bit of background, since 1999 the CIAB has conducted quarterly surveys that highlight trends on rate change, underwriting practices and ‘top of the mind issues’ with charts prepared by Barclays Research. The data is collected from members nationwide.
- 1.6% average premium pricing increase seen across all sized accounts (compared to 1.5% change in Q2)
- 1.9% average premium rate increase seen across five major lines of business including Commercial Auto, Workers’ Compensation, Commercial Property, General Liability and Umbrella (similar to Q2). In particular the report noted: -
“Commercial property saw the largest premium rate increase this quarter at 2.9%, 0.7% higher than Q2 2018. This was the fourth consecutive quarter where commercial property experienced premium rate increases above 2%, a trend that begun in 2017 after the particularly intense natural catastrophe season – and with another relatively eventful season behind us, these results are not surprising.”
- Cyber Risk remains a top concern for clients with 76% of broker respondents having noted an increase in demand for cyber coverage in Q3, similar to Q1.
- Top two organizational priorities named by broker respondents for Q3 – “driving organic growth’ and “enhancing customer support”
If you would like to read the full report please click here