Commercial insurance prices fell in first quarter: CIAB

Commercial insurance premiums fell 1.2% on average in the first quarter, marking the first time prices have declined overall since 2017, according to the Council of Insurance Agents & Brokers’ quarterly survey.

Pricing varied significantly by line, with property insurance decreasing the most among the major coverage lines, down 5.5%, followed by workers compensation, down 3.7%

Other major lines continued to show increases with commercial auto up 5.8%, umbrella liability rising 4.8% and general liability increasing 2.6%.

In other lines, cyber liability was down 3.5%, directors and officers liability fell 2.1% and construction fell 0.3%.

By account size, average premiums fell 2.7% for large accounts, 1.9% for medium and 1.1% for small.