April 20, 2021
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.