Commercial insurance rates increase 3.2% in Q3: MarketScout
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Commercial insurance rates rose 3.2% in aggregate during the third quarter, compared with 5% in the second quarter, according to a report Tuesday from MarketScout Corp.
Commercial property saw the largest increase at 9%, followed by cyber liability at 8%, commercial auto at 7% and general liability at 6.3%, according to report data.
Business interruption, business owners policies, and umbrella/excess coverages all rose 5%. Inland marine coverage was up 4%, professional liability rose 3.3%, and directors and officers liability saw a 3% increase.
Fiduciary, crime and surety coverages all rose 1%, and workers compensation was flat, MarketScout said.
Medium accounts of $25,001 to $250,000 and large accounts of $250,001 to $1 million were both up 4.3%. Small accounts up to $25,000 were up 4% while jumbo accounts over $1 million were up 3.3%.
By class, transportation led the pack, up 6%. Manufacturing and habitational rose 3.7%, while contracting and service both rose 3%. Public entity coverage rose 2.6% and energy 2%, report data showed.
Every category by industry group and account size saw rate moderation in the third quarter, the report said.
