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Commercial property/casualty rates rise in second quarter

rising rates

Average U.S. commercial property/casualty rates rose 5.9% in the second quarter, MarketScout Corp. reported Tuesday.

Cyber liability insurance rates rose the most, up 21.3% in the quarter, the Dallas-based digital insurance exchange said.

Increases in other lines were more moderate, though some approached double digits.

Among the major coverage classes, commercial auto rates climbed 9%, umbrella/excess rates rose 8.7%, property and directors and officers liability were each up 8.3%, professional liability was up 5.6%, general liability rose 5.3%, and workers compensation rates increased 1%.

Midsized accounts — those paying premium of $25,001 to $250,000 — saw the biggest average increase at 7%. Small accounts, $25,000 in premium and below, were up 5.7%; large accounts, $250,001 to $1 million, were up 6%; and jumbo accounts, over $1 million, were up 6.3%, according to MarketScout.