In aggregate, commercial insurance prices increased 6 percent during Q3 2012 compared with the same period last year, according to “Commercial Lines Insurance Pricing Survey (CLIPS),” a survey conducted by Towers Watson. This was the seventh consecutive quarter that aggregate prices for all commercial lines rose.
Year-over-year, price increases for workers’ compensation are approaching double digits and lead the increases, followed by employment practices liability and commercial property, where price increases have moderated compared to last quarter. Price increases have accelerated for all other remaining surveyed standard commercial lines since Q2 2012. For standard commercial lines, midmarket and large accounts experienced the largest increases this quarter, and specialty lines prices also increased.
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