CIAB market survey 2020 year end renewals

The Council of Insurance Agents & Brokers (CIAB) has released their Commercial Property/Casualty Market Report for Q4 2020.

Report highlights:-

• Pricing increases moderated slightly in Q4 2020 in comparison to Q2 and Q3 of the same year, but remained relatively high, suggesting that the market continued to harden;
• the average premium increase was 10.7%, (11.7% in Q3 2020) and large accounts specifically recorded an average premium increase of 13.7%;
• Q4 2020 was the 13th consecutive quarter of increased premiums;
• Underwriting capacity continued to contract for the most troubled lines;
• Umbrella (prices up 20%) and D&O liability (prices up 14.7%) posed continued challenges due to a reluctance for carriers to write those risks, and new trouble for cyber (up 11.1%) emerged following a recent uptick in costly ransomware attacks in 2020 - the average number of worldwide ransomware attacks increasing 50% in Q3 2020.

If you would like to read the full report please click here

As a bit of background, since 1999 the CIAB has conducted quarterly surveys in the US that highlight trends on rate changes with the data being collected from Members nationwide.