CIAB Q1 2022 P/C Market Survey Results Are In
Key takeaways from The Council’s latest survey in 60 seconds.
The following are key takeaways from The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Report Q1 2022 (January 1 – March 31):
- Premiums increased for the 18th consecutive quarter in Q1 2022, with respondents reporting an average premium increase across all account sizes of 6.6%.
- However, the rate at which premium prices increased moderated slightly in Q1 2022, with most lines showing lower increases than Q4 2021 by at least two percentage points or more.
- The only line aside from cyber that recorded a double-digit increase was umbrella, at 10.5%. Other problem lines, such as D&O liability and commercial property, all had increases below 10% this quarter, another sign of moderated price increases in Q1 2022.
- Brokers continued to struggle with the cyber line of business. Premium prices for the line increased by an average of 27.5% this quarter, and the theme of increased frequency and severity of cyber claims was again common in responses. Respondents also highlighted a tension between decreased capacity in the market and increased demand.
- Carriers enforced strict underwriting requirements for cyber, with many requiring at least multifactor authentication before they would even provide a quote. Insureds without loss controls, or with insufficient loss controls, would often be outright denied at renewals.