MarketScout & First Quarter 2025 Rates

MarketScout’s 1^st quarter 2025 report shows commercial rates averaging a 3% jump.

Richard Kerr is the former MarketScout CEO and now the CEO of Novatae Risk Group who purchased MarketScout a couple of years ago. He said umbrella, excess liability and commercial auto had the biggest increases. They averaged 6.7%.

Here’s a look at most lines and their average increases:

• Umbrella/excess liability averaged 6.7%
• Commercial auto is up 6.7%
• Commercial property rose 3.6% on average
• Business owner’s policies went up an average of 3%
• General liability’s average was 2.3%
• Cyber premiums jumped 1.7%
• Inland marine is up 1.67%
• Professional liability rose an average of 1.3%
• Employment practices liability is up 1.3%
• Fiduciary insurance averaged 1.3%
• Surety bonds rose 1.3%
• D&O jumped a small percentage at 1%
• Workers’ compensation stayed even at 0% change

When it comes to account size:

Small accounts up to $25,000 — 4.7% increase

Medium accounts from $25,001 to $250,000 — 3.7% jump

Large accounts from $250,001 to $1 million — rose 3%

Jumbo accounts over $1 million — up 2.3% on average

Industry sectors:

• Transportation — rose 5%
• Habitational insurance — up 4.7%
• Manufacturing — increased 3%
• Service premiums — rose 3%
• Contracting — up 2.7%
• Energy — averaged 2.3%

Personal lines averaged increases of 4.9% up from 4% in the 4^th quarter of 2024. Homeowners premiums led the way with policies for homes of $1 million or more going up 7.3%. Homes under $1 million saw a 4% jump.

Kerr said the California wildfires added to the increases as did the coming hurricane season.

Source link: Insurance Business America — https://bit.ly/4loT9xV

Source link: Reinsurance News — https://bit.ly/43GcJiX