For the first time in eight years, Tower Watson’s Commercial Lines Insurance Pricing Survey (CLIPS) reveals indications that the market may be hardening as commercial insurance prices in aggregate increased by nearly 1.5% during the second quarter of 2011.
The rise was the first time since the fourth quarter of 2003 that all standard commercial lines showed an uptick in pricing, according to the firm. The results dovetail with results of separate Towers Watson survey in which 75% of insurance CFOs surveyed indicated that standard property market prices were at the bottom or turning upward.
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