As had been the case for the first three quarters of 2011, standard commercial lines prices rose 3 percent in the fourth quarter, according to the most recent “Commercial Lines Insurance Pricing Survey” (CLIPS) from Towers Watson. Additionally, the report indicates earned price increases are beginning to offset portions of reported claim cost inflation levels.
“While modest, aggregate increases in prices continued, and more importantly, these increases accelerated in each quarter of 2011,” said Thomas Hettinger, Property & Casualty sales and practice leader for the Americas at Towers Watson. “We are now at a point where we can ‘call the pricing turn’ in the market.”
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