Average commercial insurance rate increases slowed to 1.6% in the third quarter from 3.7% in the second quarter, according to the latest pricing survey from the Council of Insurance Agents and Brokers.
Commercial property rates decreased for the first time since 2017.
Reported premium increases for all lines of business were either flat or lower than the previous quarter.
Large account rate increases slowed to 1.6% from 2.9%, rates for mid-sized accounts rose 1.9%, compared with 4%, and small account rate increases slipped to 1.2%, compared with 4.2%.
Commercial property rates fell 0.2%, compared with a 1.9% increase in the second quarter and an average increase of 7.9% in the third quarter of 2024.
Umbrella liability rate increases slowed to 5.5%, compared with 11.5% in the prior quarter after climbing steadily since the first quarter of 2024.
Commercial auto rates were up 7.4%, compared with 8.8%; general liability rates rose 2.8%, compared with 3.9%.
Workers compensation rates continued to fall, down 1.9%, compared with a 1.8% decrease in the second quarter.
Cyber rates fell 2.6%, the largest decrease out of all lines; directors and officers liability rates slipped 2.1%; and employment practices edged down 0.7%.