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”.
Premium rates for large commercial accounts increased 7.6% on average in the third quarter of 2019 over the prior-year period, according the Council of Insurance Agents & Brokers’ latest pricing survey.
While average commercial insurance rates have increased for more than a year, the third quarter increases marked an acceleration in price hikes.
The average increase for large commercial business rose from 5.6% in the second quarter of 2019, 4% in the first quarter and 2.2% in the fourth quarter of 2018, the report says.
The average increase across commercial accounts of all sizes was 6.2% in the third quarter of 2019, compared with 5.2% in the second quarter, 3.5% in the first quarter and 2.4% in the fourth quarter of 2018.
“While commercial auto was by far the most problematic line in previous quarters, both commercial property and umbrella showed signs of being similarly troubled,” the report said.
Among the major lines of business, rate increases were highest for umbrella liability accounts, where rates increased 9.8% in the third quarter. Commercial auto rates increased 9.1%, commercial property was up 8.8% and general liability rates increased 4.6% in the quarter. The only major line to see a decrease was workers compensation, where rates fell 2.7% in the third quarter.
Among other lines, directors and officers liability rates increased 5% in the third quarter, and construction insurance rates increased 4.4%.
The report is based on responses from the Washington-based CIAB’s brokerage members.
The takeup rate for cyber insurance remains flat at 33%, while capacity is mostly ample and premium prices have stayed the same in the past six months, according to a biannual survey issued Wednesday by the Council of Insurance Agents & Brokers.