Hub International — Commercial Rates will Remain Stable

Hub International has struck out and made a prognostication for the rest of 2024. Rates, the company says, will remain mostly stable. Some sectors will see declines but primary and excess liability prices will continue to go up.

In the 3rd quarter ratings report, Hub’s director of commercial markets, Mike Chapman said the rates will stay stable in spite of the damages and losses from Hurricane Helene. However, the report was published before Hurricane Milton that will likely be a Cat 5 hurricane when it hits Tampa, Florida on Wednesday.

• General liability and excess liability rates were flat to up 10% in the 3rd quarter
• Commercial auto rates rose between 5% and 10%.
• D&O rates dropped from 10% to 5%
• Cyber liability fell 10% to flat
• Work comp rates were down 3% to up 3%

Source link: Business Insurance — https://bit.ly/4eystqU