Commercial prices rise in Q3: CIABPosted On: Nov. 16, 2020 1:44 PM CST
Commercial insurance rates continued to rise, with an 11.7% average hike across all lines, according to the pricing survey released by the Council of Insurance Agents & Brokers on Monday.
The third-quarter increase compared with 10.8% in the second quarter and a 9.3% hike in the first quarter.
For the third quarter, the impact was greatest for large and medium-sized accounts, which recorded increases of 15.3% and 12.7%, respectively, according to the report. Small accounts reported an average 7.1% increase, compared with the 7.3% hike reported in the second quarter.
All lines of business reported increases, with umbrella posting the biggest increase
s, at 22.9%, compared with a 20% increase in the second quarter.
Directors and officers liability insurance had the second-highest increase at 16.1%, down from 16.8% in the second quarter. It was followed by commercial property, with a 14.2% increase, compared with a 13.3% increase in the second quarter.
Among other lines of business, employment practices liability rates rose 10.1%, compared with 9.4% in the second quarter; business interruption increased 9.6%, down slightly from 9.7% in the second quarter; construction increased 7.9%, compared with 6.8% in the second quarter; and cyber liability rates increased 7.7%, compared with a 6.5% second-quarter increase.