P&C

The Results Are In: Commercial P/C Market Survey Q3 2021

Key takeaways from The Council’s latest survey in under 60 seconds.
By Zach West Posted on November 22, 2021
  • 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.

Download the Q3 report.

Zach West Content Associate Read More

More in P&C

A Call for Harmonized Legal Frameworks
P&C A Call for Harmonized Legal Frameworks
Can the United States give up its patched frameworks and work on global alignmen...
P&C Innovation in Underwriting: 2021 ILF Industry Panel
“The underwriter of yesterday is not the underwriter of tomorrow.”
Digital Deeds
P&C Digital Deeds
What are NFTs and how might a market develop?