BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Commercial insurance rate hikes accelerate

Rising rates

U.S. commercial insurance rates increased by an average of 3% in the second quarter of 2019, up from 2% in the first quarter, according MarketScout Corp.

Commercial auto insurance rates increased the most in the second quarter at 6%. The only line that showed a decrease was workers compensation, where rates fell 1.5%, according to MarketScout, which is a Dallas-based managing general agent and operates an online insurance exchange.

Rates for commercial property insurance increased 3.5% in the second quarter, business interruption and general liability increased 3%, umbrella and excess liability and professional liability rates increased 2.5%, and directors and officers liability rates increased 2%.

“Property risks in California and Florida are getting hit hard with rate increases,” Richard Kerr, CEO of MarketScout, said in a statement Friday. “We expect this trend to accelerate as we move into the wind and brush fire seasons later this year.”

By account size, rates for accounts with more than $1 million in premium increased by 2% on average in the second quarter, and all other accounts saw 3% average increases, according to the report.


Read Next

  • US property/casualty rates rise 2.5%: MarketScout

    U.S. commercial property/casualty insurance rates rose 2.5% on average in third-quarter 2018, matching the rate increase of the second quarter, MarketScout Corp. said in a statement issued Friday.