The second quarter of 2022 marked the 19th consecutive quarter of commercial price increases, with brokers reporting continued easing in the market and average price increases of 6.1% across all lines of business, according to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey.
“Signs of pricing moderation emerged for some lines of business, like flood, medical malpractice and surety bonds. Others—like cyber and umbrella—continued to experience upward pressure on premiums, though not as pronounced as in past quarters,” the CIAB stated in its report. Brokers reported little change from the first quarter when prices rose an average of 5.7%.
Cyber pricing continued to lead all lines, with an increase of 26.8% in the second quarter of 2022 compared to 27.5% in the year’s first quarter and 34.3% in the fourth quarter of 2021. According to the survey, pricing conditions for the line continued to pose problems for brokers and was deemed “a full-fledged hard market.”
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