Commercial insurance rates rise 5.3% in third quarter

Commercial property/casualty insurance rates increased 5.3% on average in the third quarter, digital insurance exchange MarketScout Inc. said Wednesday.

Cyber liability saw the biggest increase at 23%, followed by commercial property and commercial auto at 7.7%, Dallas-based MarketScout said in a statement.

Directors and officers liability insurance, and umbrella and excess rates rose 7%, business interruption was up 6.3%, general liability was up 6% and professional liability was up 5.7%.

Workers compensation rates inched up 0.3%, according to MarketScout.

By size, accounts with more than $1 million in premium saw rates rise 5.7%, accounts between $250,001 and $1 million and accounts between $25,001 and $250,000 rose 6%, and accounts up to $25,000 rose 5.7%.