Cyber rate hikes top 15%; commercial property up nearly 10%Posted On: Apr. 6, 2023 11:01 AM CST
Commercial insurance rates rose in nearly all lines in the first quarter of 2023, with cyber liability and commercial property seeing the biggest increases, according to data from insurance exchange MarketScout Corp.
Cyber liability insurance rates, which have seen significant hikes over the past two years, rose 15.7% in the first quarter and commercial property insurance rates rose 9.3%, according to the Dallas-based company.
Workers compensation, where annual renewal rates were flat, was the only line that did not see an increase during the quarter, MarketScout reported.
Among other major lines of coverage, commercial auto rates increased 7.3%, umbrella and professional liability were up 5%, and general liability and directors and officers liability increased 4.3%.
The average increase for all commercial insurance lines during the quarter was 5%.
By account size, small accounts, or those with up to $25,000 in premium, saw rates rise 4%; medium accounts, between $25,001 and $250,000, were up 3.7%; large accounts, between $250,001 and $1 million, were up 4.7%; and jumbo accounts, over $1 million, were up 4%, MarketScout said.