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 rises continued in third quarter

Market Scout

Commercial insurance rates continued to increase in the third quarter of 2021, with most lines seeing single-digit hikes, according to insurance exchange MarketScout Corp.

Only umbrella and excess rates, which rose 11.7%, and directors and officers liability rates, up 11.3%, saw double-digit increases, MarketScout said Tuesday in its quarterly update.

Commercial property rates, commercial auto and employment practices liability all rose 9%.

Business interruption and professional liability rates rose 6.7%, general liability rates were up 6%, inland marine was up 5.7% and business owners policy coverage rates rose 4.7%.

Among the smaller increases, crime coverage and fiduciary coverage rates both rose by 2%, and surety rates rose 1%. Workers compensation rates remained flat for the third quarter.

By account size, large accounts of $250,001 to $1 million in premium saw the largest increase at 8%.

Jumbo accounts – over $1 million in premium – and medium accounts -- $25,001 to $250,000 -- both saw at 7.3% hikes. Small accounts had the lowest increase at 6%.

Among industry classes, transportation had the largest increase at 10.7%, followed by habitational up 9.0%, energy up 7%, manufacturing up 6.7%, both contracting and service up 6.0% and public entity up 5.3%