Premium hikes persist for five years
Reprints
Average commercial property/casualty premiums rose 8.1% in the third quarter, up from a 7.1% increase in the second quarter, marking the 20th consecutive quarter of increases, according to the Council of Insurance Agents & Brokers’ latest pricing survey.
Medium-sized accounts saw the biggest average price increase at 9%, followed by large accounts at 8.8% and small accounts at 6.5%.
Average rates increased 7% in the third quarter.
Among the major coverage lines, increases were biggest in umbrella liability where rates rose 11.3% in the third quarter, commercial property insurance rates rose 11.2%, commercial auto rates were up 7.6% and general liability rates increased 5.7%.
The only major line to see a decrease was workers compensation, where rates declined 0.7%, slightly less than the 1.2% decline in the second quarter.
In other lines, cyber liability rates rose 20.3% in the third quarter, directors and officers liability rates were up 7.3%, employment practices was up 7.1% and construction coverage was up 6.2%.
The CIAB index is based on a survey of the trade association’s members.
