In what’s becoming a regular reminder of an ongoing hard insurance market, the latest Commercial Property/Casualty Market Index dropped this week with more bad news. According to the Q3 2021 report from The Council of Insurance Agents and Brokers (CIAB), commercial premium prices increased for the 16th consecutive quarter, with an average increase of 8.9 percent.
This quarter’s average increase was slightly higher than the average increase in Q2 2021, which came in at 8.3 percent. Similar to last quarter — and the dozen or so quarters prior — premium increases hit across account sizes.
Also akin to previous periods, the premium increases of Q3 2021 impacted most major lines of coverage. The lone exception was Workers’ Compensation premiums, which saw a minor price drop of less than a percentage point.
While it’s certainly a point we’ve made before, we feel obligated to stress to brokers and insureds alike that these continued premium increases can present as much an opportunity as they do a challenge. Recently, we published this infographic that showed how 72 percent of companies experienced lower costs after joining a group captive compared to their previous costs in the conventional market.
If your company is tired of watching your commercial premiums increase and wants to take control of your insurance program, contact us today to learn more about member-owned group captives.
Click here to watch a video from The CIAB recapping the latest Commercial Property/Casualty Market Index.