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
