Commercial insurance price hikes ease in first quarter
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Commercial insurance premiums increased by 6.6% in the first quarter of 2022, more than two percentage points lower than the average increase in the fourth quarter of 2021, according to the Council of Insurance Agents & Brokers’ latest pricing survey.
While cyber liability rates continued to soar, most other lines saw increases below 10%, according to the survey released late Tuesday.
Among the major lines of coverage, umbrella liability saw the largest increase at 10.5%, followed by commercial property at 8.6%, commercial auto at 5.9% and general liability at 3.9%.
In workers compensation, which is one of the few coverage lines that has not seen big increases over the past few years, average rates declined by 0.5%.
Among other lines of coverage, cyber rates jumped 27.5%, directors and officers liability increased 7.8%, employment practices liability increased 5.8% and medical malpractice was up 5.1%
