Commercial insurance average rate hikes slow in Q1: MarketScout
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Commercial insurance rates rose an average of 3.9% in the first quarter of 2024, compared with 5.6% in fourth-quarter 2023, according to data from insurance exchange MarketScout Corp. released Friday.
Commercial auto led the increases at 6.7%, followed by commercial property and umbrella/excess coverage, both up 6.3%, according to MarketScout.
Business interruption coverage was up 5%, and both professional liability and business owners policy lines rose 3.7%.
General liability rates were up 3.25%, directors and officers liability was up 2.7%, and workers compensation was flat, according to MarketScout data.
By account size, large accounts of $250,001 to $1 million were up 5%; small accounts up to $25,000 and jumbo accounts over $1 million both rose 4.3%; and medium accounts of $25,001 to $250,000 were up 3.7%.
Richard Kerr, CEO of Novatae Risk Group, noted in the report that while January and February posted very modest rate increases, rates were trending upward more aggressively in March.
