The Results Are In: CIAB Commercial P/C Market Survey Q4 2020

Here are the key takeaways:

• Q4 2020 was the 13^th consecutive quarter of increased premiums, with respondents reporting an average increase of 10.7% across all-sized accounts. Segmenting out the data by account size, premiums increased the most for large accounts, at 13.7%, followed by medium accounts at 11.7%. Premiums for small accounts again saw a smaller average increase in Q4 2020, at 6.7%, compared to 7.1% in Q3 and 7.3% in Q2.
• Q4 2020 was also the 3^rd consecutive quarter in which premiums increased for all lines, including Workers Compensation. Across all lines the average premium increase was 10.2% in Q4 2020, compared to 11.3% in Q3. Looked at individually, Umbrella recorded the highest premium increase, at 21.3%, followed by D&O Liability at 14.7% and Commercial Property at 12.9%.
• Underwriting capacity continued to contract for the most troubled lines. Nearly 90% of respondents reported a decrease in capacity for Umbrella, with more than half of those declaring the decrease “significant.”
• Respondents indicated that the COVID-19 pandemic’s impact was still being felt in Q4 2020. Most respondents said the pandemic impacted pricing, availability of coverage, renewals and underwriting trends.

To watch the video and read the full report, click here. 

Credit: Zach West for Leaders Edge Magazine