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Hardening market conditions will continue throughout 2021, although property increases will begin to moderate by midyear, and umbrella and directors and officers liability rates will become more predictable by then, although rates will continue to climb, Willis Towers Watson PLC says in a report issued Thursday.
Capacity from new ventures now coming online will have some moderating impact on these lines by mid-2021, especially D&O, says Joseph C. Peiser, Willis’ global head of broking in the introduction to the report, Insurance Marketplace Realities Overview, 2021.
Buyers can expect increases in all lines except kidnap and ransom, where exposures have abated because of pandemic-related travel restrictions, according to the report.
Among the report’s predictions:
-Property rates for non-challenged occupancies will increase 15% to 25% next year, up from 10% to 20% in the spring.
-General liability rates will increase 7.5% to 15%, from 2.5% to 7.5%.
-Umbrella/excess rates will increase from 30% for low/moderate hazard umbrella to 150% for high hazard excess.
-Workers compensation rate decreases are flattening, with slight increases in response to high severity/excess losses.
-Auto rates will increase 8% to 15%, from 6% to 12%.
-D&O rates will increase up to 70%.
-Cyber insurance rates will increase 10% to 30%, up from 10% to 15%.
Commercial lines of business posted increased average premium renewal rates across nearly all major lines of business except for workers compensation in the second quarter, according to a report issued Thursday by insurance exchange Ivans Insurance Services.