Q2 commercial prices rise an average of 6.1%: CIAB
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Commercial insurance premium rates increased an average of 6.1% in the second quarter, according to a report Monday from The Council of Insurance Agents and Brokers.
Second-quarter 2022 was the 19th consecutive quarter of premium increases for all lines of business, the report said.
Umbrella coverages rose 11.3% in the second quarter compared with 10.5% in first-quarter 2022, data showed. Second-quarter 2022 was the 11th consecutive quarter umbrella saw an increase of over 10%, the report said.
Commercial property increased 8.3% in the second quarter compared with 8.6% in first-quarter 2022.
Commercial auto rates increased 7.2% compared with 5.9% in the first quarter. General liability rates rose 4.7% compared with 3.9%, and workers compensation rates declined 1.2% compared with a first-quarter decline of 0.5%.
Cyber coverage rate increases averaged 26.8% in the second quarter and directors and officers liability coverage increased 7.9%, report data showed.
Other lines all had increases in the low to mid-single digits, the data showed.
By account size, large accounts saw an average rate increase of 7.5% in the second quarter compared with 6.2% in first-quarter 2022.
Medium-sized accounts held steady at a 7.3% increase and small accounts were unchanged, at 6.4%.
There were signs of pricing moderation for some lines of business, like flood, medical malpractice and surety bonds, while others, like cyber and umbrella, continued to see upward pressure on premiums, a statement with the report said.
Commercial property and commercial auto were the lines most affected by recent inflationary trends, the statement said.
