MarketScout — Commercial Rates Still Rising

MarketScout does a quarterly insurance accounting. Company CEO Richard Kerr said the second quarter of 2023 tally found commercial insurance rates rising a whopping 5%.

Here are some statistics:

• Cyber liability — up 13.3% but softened a little from 15.7% in the first quarter
• Commercial property — increased 10.7% which is up from the first quarter’s 9.3%
• Commercial auto — rose 8%
• General and umbrella/excess liability — up 7%
• Business interruption — increased 6%
• Work comp — still very low but up 0.3%

“Property, business interruption and general liability and umbrella/excess rates increased, while most other coverage classifications softened a bit,” Kerr said.

Here are the account size numbers:

• Small accounts up to $25,000: rose 5.7%
• Medium accounts $25,001 to $250,000: up 6%
• Large accounts $250,001 to $1 million: increased 6%
• Jumbo accounts $1 million and up: jumped 4.7%

Source link: Business Insurance — https://bit.ly/3K5413b