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Commercial insurance price hikes continue: CIAB

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Commercial property/casualty rates continued to rise in the fourth quarter of 2019, with 7.5% average increases across all lines, according to the Council of Insurance Agents & Brokers’ latest pricing survey.

Large accounts saw the biggest price hikes, with rates increasing 9.4% on average, according to data from the Washington-based trade association. Rates for medium-sized accounts rose 8%, and small commercial accounts climbed 5.2%.

Rates changes varied by line, but all lines trended up from the rate changes reported in the third quarter of last year.

Umbrella liability rates increased the most at 13.6%; commercial auto increased 10.5%; commercial property increased 9.7%; and general liability rates were up 5.8%. The only major line of coverage that reported a decrease was workers compensation, where rates fell 1.9%, but that marked a slowing in decline from the 2.7% decrease reported in the third quarter.

In other lines of coverage tracked by the CIAB, directors and officers liability rates increased 7%; construction rose 6.3%; employment practices liability insurance rates rose 4.6%; and business interruption rates rose 4.4%.