Commercial Rates — Two Conflicting Reports

Marsh LLC’s quarterly pricing index is out. It found commercial rates rising an average of 1% in this year’s second quarter. That’s down from an average of 3% in the first quarter of 2024 and the fourth quarter of 2023.

A different report from Ivans Insurance Services has the average at 10%.

Here are Marsh’s percentages:

• Umbrella and excess: up 10% — down from 11% in the first quarter
• Casualty: up 4% — unchanged from the first quarter
• Property rates: Up 2% — down significantly from 8% in the first quarter
• Financial & professional lines: dropped 3% — down from the 5% drop in the first quarter

A breakdown of some of the financial and professional lines:

• D&O: fell 5% — compares to an 8% drop in the first quarter
• Cyber liability rates: down 5% — compares to a 5% drop in the first quarter

Here’s the very different take from Ivans Insurance Services. It found all lines but workers’ compensation going up an average of 10%.

• Commercial property rates rose 10.9% — up from 10.5% in the first quarter
• BOP rates are up 9.5% — that’s up a few points from 9.3% in the first quarter
• Umbrella liability increased 9.6% — up from 6.8% in the first quarter
• Commercial auto rose 9.3% — up from 9.1% in the first quarter
• General liability up 4.9% — up from 5.9% in the first quarter
• Workers’ compensation rates fell 1.28% — it dropped .88% in the first quarter

Source link: Business Insurance — https://bit.ly/3Yq0swl

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