Despite ample capital and benign claim cost trends, insurers have held the line on trading profitability for volume, while still responding as needed to emerging trends, according to Willis Towers Watson.
Its most recent Commercial Lines Insurance Pricing Survey (CLIPS) shows that commercial insurance prices in the U.S. were nearly flat in the first quarter of 2017.
Price changes reported by carriers averaged less than 1 percent for the sixth consecutive quarter.
Four lines (workers compensation, commercial property, directors and officers, and surety) showed modest price decreases.
Commercial auto remains the outlier with meaningful price increases reported.