According to recent research from an insurance group, pricing for commercial property/casualty insurance accounts has increased by an average of more than 4 percent throughout the first quarter of 2012, compared with the previous year, reported Business Insurance.
The “Commercial P/C Market Index Survey” also found medium-sized accounts, with fees and commissions between $25,000 to $100,000, saw the greatest average price increases said the website.
“We’ve been cautious up to now about declaring a market turn, but I think it’s safe to say that the market has made a hard turn after two quarters of price increases and tight underwriting,” insurance professional Ken Crerar said in a statement. “It’s difficult to predict length and severity, but the market has turned.”
Tougher pricing is also expected in the future for casualty and property insurance, according to an update created by another insurance company. The update found prices for many risks are flat, while commercial insurance rates are expected to take on more harsh underwriting in some markets. Given these trends, businesses may be wise to review their coverage and take action now to secure any policies that are lacking.
