Aggregate Findings

  • Survey respondents reported a 0.1% written premium price level increase during the fourth quarter of 2015.
  • Commercial insurance prices in aggregate have been increasing marginally for the past three years.
  • The increase was highest in the second quarter 2014 at 2.7%. Since the third quarter of 2014, the magnitude of the price level increase had been gradually decreasing until the third quarter of 2015, where the increase reduced to around zero.
  • Price increases were reported for commercial auto, general products liability and excess umbrella liability. Survey respondents reported the largest price increases in the general products and liability line at 3.8%, while professional liability had the largest decrease at -2.9%. Commercial property, which represents the largest volume reflected in the survey, shows a decrease of -0.6%.
  • Price changes for all lines were in the low- to mid-single digits.
  • Reported claim cost information reveals a loss ratio improvement of 2.4% in accident year 2015 compared to the same period in 2014.
  • Carrier estimates of the claim cost inflation underlying the loss ratio movement is -0.7% for accident year 2015.

Change in price level versus same quarter one year prior

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Canada CLIPS Q4 2015