P&C

The Results Are In: Q4 2021 Commercial P/C Market Survey

Key takeaways from The Council’s latest survey in under 60 seconds.
By Zach West Posted on March 8, 2022

  • Premiums increased for the 17th consecutive quarter in Q4 2021, with respondents reporting an average premium increase across all account sizes of 8.7%.
  • Prices increased for all lines of business, including Workers’ Compensation.
  • Cyber had yet another record increase in Q4 2021, at 34.3%–the first time since the post-9/11 hard market where a line of business had an increase of over 30%.
  • Respondents pointed to an increased frequency and severity of Cyber claims, as well as the difficulty of quantifying cyber risk, as a reason for the significant increases.
  • Much stricter underwriting requirements for Cyber business remained a theme in Q4 2021, with several respondents noting carriers wouldn’t “entertain new business or renewal applications without MFA [multifactor authentication] in place” and, depending on the account, would require other risk mitigation practices, such as “EDR [endpoint detection and response], adequate backups and segmentation, or employee phishing training.”

Download the Q4 2021 report.

Zach West Content Associate Read More

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