Commercial rates rise across all lines
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Commercial property rates rose 9.6% in the second quarter, as other lines saw single- or double-digit rate increases, according to insurance exchange MarketScout Corp.
At the top of the range, umbrella and excess rates increased 11.6%, and directors and officers liability rates climbed 11%, MarketScout said Thursday in its quarterly update.
Commercial auto coverage increased 9%, while business interruption and employment practices liability insurance each rose 7%. General liability rates were up 6.3% and professional liability rates up 4.3%
Inland marine coverage was up 4.2%, and business owners policy rates rose 4%.
Among the smallest increases, crime coverage climbed 3%; fiduciary coverage inched up by 2%, surety by 1.3%, and workers compensation by 1%.
By account size, large accounts of $250,001 to $1 million saw the largest increase at 8.3%, followed by jumbo accounts over $1 million at 6.6%.
Medium accounts of $25,001 to $250,000 were up 6.3% and small accounts of $25,000 or less up 5.3%.
By industry class, transportation saw the largest increase at 11%, followed by habitational at 8.6%.
Energy and contracting each rose by 6.3%, manufacturing and public entity by 5.6%, and service by 4.3%.
