CIAB — Third Quarter Commercial Rates Up Slightly

The Council of Insurance Agents & Brokers (CIAB) just sent out its third quarter commercial insurance rate report. On average rates rose 5.1% compared to the 5.2% hike in the second quarter.

The only line to see much higher rates in the third quarter is umbrella insurance. Those rates rose 8.6% from 7.2% in quarter two.

Other statistics comparing the third quarter to the second quarter. Most stayed fairly even:

• Commercial auto rose 8.5% compared to 9%
• Commercial property increased 7.8% compared to 8.9%
• General liability rates are up 4.8% compared to 5.1%
• Work comp rates dropped 1.4% compared to 2.2%
• D&O rates fell 1.8% compared to 1.7% down in the second quarter
• Cyber liability rates fell 1.5% compared to a drop of 1.7%
• Employment practices liability rose 0.3% compared to a drop of 0.1%
• Medical malpractice rates rose 1.6% compared to a 1.5% rise in the second quarter

Medium sized accounts had a 5.6% increase compared to 5.1% in the second quarter. Quarter three saw a 5.3% rise in large accounts compared to a 5.4% rise in quarter two.

Small accounts were up 4.4% compared to the second quarter’s 5%.

Source link: Business Insurance — https://bit.ly/3CJ1NW9