Commercial insurance premiums increased by an average 4.2% in the first quarter, slowing from the 5.4% increase in the fourth quarter of last year, though rate hikes accelerated for some liability lines, according to the Council of Insurance Agents & Brokers quarterly pricing survey released Thursday.
Large accounts saw the biggest increase at 5.3%, compared with 6.3% in the prior quarter, followed by medium accounts at 3.7%, compared with 6.4%, and small accounts at 3.6%, matching the prior quarter.
Commercial auto continued to see the largest rate hike at 10.4%, up from 8.9% in the prior quarter; umbrella liability rates rose 9.5%, up from 8.7%; general liability was up 4.2%, down from 5.3%; commercial property rose 2.9%, down from 6%; and workers compensation rates fell 2.6%, compared with a 1.8% decrease.
Among specialty lines, medical malpractice rates rose 1.8%; cyber liability rates fell 2.1%; and directors and officers liability rates declined 1.7%, the Council reported.