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Commercial property insurance markets have stabilized and commercial liability insurance rates are rising more slowly, according to USI Insurance Services Inc.
Valhalla, New York-based USI said Tuesday that non-catastrophe exposed property accounts with good loss history, which renewed at the end of 2021 at flat to up 10%, will move to renewing down 5% to up 5% in the first half of 2021.
The broker said while property markets are still volatile, buyers and policyholders are being differentiated by risk. “We are seeing the market stabilize overall — and this benefits commercial insurance buyers that maintain quality risks with strong data to back them up.”
General and product liability lines, meanwhile, are expected to rise 5% to 15% in the first half “with a growing number of policyholders seeing flat to 5% increases as the year progresses,” USI said.
Excess and umbrella coverage, however, continues to be “adversely impacted” and capacity is being deployed selectively. Rates are expected to rise 10% to 35% or more in the first half, with smaller increases of 5% to 15% in the middle market.
Cyber coverages are expected to rise sharply, 40% to 50% for optimal risks and 50% to 100% or more for less optimal risks, as “ransomware attacks continued to plague the cyber insurance market throughout the second half of 2021.”
For public company directors and officers coverage, primary is forecast at flat to up 20% in the first half of 2022 while excess is expected to be down 10% to up 10%.
Workers compensation lines have not been hit as hard by COVID-19-related claims and are forecast to be down 5% to up 5% for guaranteed cost and flat to up 5% for loss-sensitive cover.
“While we continue to see costs increase in some coverage lines, the overall stabilization and improved capacity across the insurance market are reasons for optimism,” USI said, adding, “we anticipate that rates will flatten or even decrease for some lines of coverage in 2022.”
All lines of commercial insurance saw renewal rates rise in October except for workers compensation, according to a report Tuesday from Ivans Insurance Services, a division of Tampa, Florida-based Applied Systems Inc.