The Results Are In: Commercial P/C Market Survey Q3 2021
Key takeaways from The Council’s latest survey in under 60 seconds.
The following are key takeaways from The Council of Insurance Agents & Brokers’ Commercial Property/Casualty Market Report Q2 2021 (July 1 – September 30)
- Premiums increased for the 16th consecutive quarter in Q3 2021, with respondents reporting an average premium increase across all account sizes of 8.9%.
- Prices increased for all lines of business, save for Workers’ Compensation. After five quarters of slight increases for Workers’ Compensation, premiums began to decrease once again, at -0.3%.
- Cyber once again had a record increase in Q3 2021, the highest premium increase out of all other lines. Respondents said premiums for that line increased by an average of 27.6%.
- Respondents agreed that the prevalence of cyberattacks, specifically ransomware, phishing, and social engineering attacks, was one of the primary drivers of Cyber premium increases.
- Reported changes in underwriting were consistent with reported hard market conditions, according to respondents, who noted more disciplined underwriting, stricter loss controls, and more in-depth reviews of loss history. This was especially evident in Cyber. Some respondents noted their clients couldn’t get coverage at all if they did not implement specific carrier-requested cybersecurity measures.