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Commercial insurance premiums increased by 8.9% in the second quarter of 2023, up slightly from an 8.8% hike in the first quarter, according to the Council of Insurance Agents & Brokers’ latest pricing survey released late Wednesday.
Property rate hikes continued to outpace other lines while cyber liability rate increases eased further, according to the survey.
Commercial property saw the largest increase at 18.3%, though lower than the 20.4% increase seen in the first quarter. Natural catastrophe losses and rising property values due to inflation were again cited by respondents as the primary drivers.
Cyber premiums rose by just 3.6%, down from 8.4% in the first quarter – one of the strongest signs of relief for the line seen so far, and insurers added capacity, the report said.
In other major lines, commercial auto rates rose 10.4% in the quarter, up from an 8.3% increase in the first quarter; umbrella liability rates rose 8.1%, down from 8.5%; general liability rates rose 5.2%, up from 4.6%; and workers compensation rates fell 0.7% compared with a 0.5% decrease.
The second quarter marked the 23rd consecutive quarter of rate increases, the report said.