A Summary of the Q4 2020 Council of Insurance Agents & Brokers CIAB Survey
The Council of Insurance Agents & Brokers (CIAB) Q4 2020 Commercial P/C Market Survey was recently released. This survey is a source for brokers and consumers alike interested in market trends. Overall, commercial insurance premiums rose by an average of 10.7%, across all-sized accounts. However, the rate increase was slightly less than Q3 2020 (11.7%).
A few other notable takeaways:
- Q4 2020 was the 3rd consecutive quarter in which premiums increased for all lines, including Workers Compensation.
- Cyber recorded one of the highest premium increases out of all lines of business in Q4 2020, at 11.1%. This is likely due to a rise in costly ransomware attacks in 2020.
- Across individual lines, the highest premium increases were:
- Umbrella 21.3%
- D&O Liability 14.7%
- Commercial Property 12.9%
- Underwriting capacity issues continue for the most troubled lines including Umbrella, D&O, Commercial Property and Commercial Auto.
While we know that continued increases are not what commercial policyholders want to hear, we’ll continue work with clients to find the best policy to meet your needs at the best rate, without sacrificing necessary coverage or insurer services. Often, that may be what you currently have in place.
If you are a commercial policyholder and have any questions about this survey, contact your Rose & Kiernan, Inc. client manager directly. For any general inquiries, you can always reach out to the team at Rose & Kiernan, Inc. here or by calling (800) 242-4433.