Commercial Rates — Still Rising says the CIAB & Ivans

Premiums for commercial insurance rose 8.9% in the second quarter of 2023. That’s a slight bump from the 8.8% we saw in the first quarter. It is the 23rd consecutive quarter where rates increased.

That’s the conclusion of the latest pricing survey from the Council of Agents & Brokers (CIAB). Property rates skyrocketed in the quarter but cyber liability and other lines did not rise as much.

Commercial property’s increases averaged 18.3%. That’s down from the 20.4% of the first quarter but is still very high. Natural catastrophe losses and inflation caused increase in property values are why.

Cyber premiums jumped 3.6%. That’s down from 8.4% in the first quarter and one of the biggest drops in prices seen in that line of insurance in a log time. Part of the reason is because insurers added more capacity.

Other lines:

  • Commercial auto — up 10.4% from 8.3% in the first quarter
  • Umbrella liability — rose 8.1% and down from 8.5% in the first quarter
  • General liability — increased 5.2% and that’s up from 4.6% in the first quarter
  • Work comp — fell 0.7% compared to a 0.5% drop in the first quarter

Ivans Insurance Services monthly survey for had similar results. It found commercial property rates rising 9.7% in July. That’s up from 9.3% in June.

  • Commercial auto — rose 6.6% compared to 6.5% in June
  • BOP — rose 7.8% while June’s figure was 7.6%

Some lines — however — saw decreases in pricing:

  • General liability — rates rose 5.4% compared to June’s 5.6%
  • Umbrella — up 4.9% when compared to June’s 5.9%
  • Workers’ compensation — dropped 0.5% in July compared to 0.7% in June

Source link: Business Insurance —

Source link: Business Insurance —

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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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