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%
Source link: Business Insurance — https://bit.ly/3tmoWpT
Commercial Prices — Still Rising
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The Professional Insurance Agents Western Alliance is a membership organization promoting and enhancing the success of independent agencies seeking to grow, learn and be heard within the industry.
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