Commercial Prices — Still Rising

On average commercial insurance premiums rose by 6.6% in the first quarter of 2022. That’s a drop of 2% from the average increases we saw at the end of 2021.

This information comes courteous of the Council of Insurance Agents & Brokers (CIAB).

Cyber rates are rising the fastest. They rose a staggering 27.5%. Umbrella excess had the the second largest increase in the quarter at 10.5%. Commercial property rose 8.6%, commercial auto jumped 5.9% and general liability saw an increase of 3.9%

Work comp rates dropped 0.5%

Others seeing hikes are D&O at 7.8%, employment practices liability jumped 5.8% and medical malpractice went up 5.1%