Commercial Rate Increases Slowing Down

The Council of Insurance Agents and Brokers (CIAB) says commercial rates in the second quarter of 2024 dropped significantly. On average the rates for all lines were up 5.2%.

That’s a significant difference from the 7.7% rise in this year’s second quarter.

As always the changes depend on the line. Commercial auto rates — for example — hit 9% in the second quarter. That’s only down a bit from the first quarter’s 9.8%.

Here’s more comparisons of the first and second quarters:

• Commercial property rates rose 8.9% — down from 10.1% in the 1st
• Umbrella rates were up 7.2% — up a smidge from 7%
• General liability rates rose 5.1% — down from 4.1%
• Workers comp rates are up slightly to 2.2% — compares to a 1.8% drop in the 1st
• D&O rates fell 1% — up from 0.8% in the 1st quarter
• Cyber rates dropped 1.7% — compares to a 0.4% drop
• Employment practice liability fell 0.1% — the 1st quarter had a 0.8% jump
• Medical malpractice rates rose 1.5% — they were up 1.4% in the 1st quarter

Account sizes didn’t change much. Large accounts rose 5.4%, Medium-size accounts saw a 5.1% hike and small accounts were up 5%

Source link: Business Insurance — https://bit.ly/3Xb6fUj