P&C

The Results Are In: Q4 2021 Commercial P/C Market Survey

Key takeaways from The Council’s latest survey in under 60 seconds.
By Zach West Posted on March 8, 2022

  • Premiums increased for the 17th consecutive quarter in Q4 2021, with respondents reporting an average premium increase across all account sizes of 8.7%.
  • Prices increased for all lines of business, including Workers’ Compensation.
  • Cyber had yet another record increase in Q4 2021, at 34.3%–the first time since the post-9/11 hard market where a line of business had an increase of over 30%.
  • Respondents pointed to an increased frequency and severity of Cyber claims, as well as the difficulty of quantifying cyber risk, as a reason for the significant increases.
  • Much stricter underwriting requirements for Cyber business remained a theme in Q4 2021, with several respondents noting carriers wouldn’t “entertain new business or renewal applications without MFA [multifactor authentication] in place” and, depending on the account, would require other risk mitigation practices, such as “EDR [endpoint detection and response], adequate backups and segmentation, or employee phishing training.”

Download the Q4 2021 report.

Zach West Content Specialist Read More

More in P&C

Beyond Reach
P&C Beyond Reach
As property insurance premiums and policy non-renewals escalate in disaster-pron...
P&C It’s Not Just the Climate
Risk factors and mitigation steps to prepare for increased weather risks.
Q&A with Dave Jones
P&C Q&A with Dave Jones
Former California insurance commissioner weighs in on a federal backstop for pro...
AI in the OR
P&C AI in the OR
Artificial intelligence can increase efficiencies, reduce costs, and—most impo...
Commercial P/C Market Stable in Q4 2024
P&C Commercial P/C Market Stable in Q4 2024
While most premium increases did not change much from the pr...
Houses of Worship Face Extreme Weather
P&C Houses of Worship Face Extreme Weather
Insurer offers insights into the unique challenges of coveri...