Like several insurance groups, every month MarketScout issues a report to let all of us know if insurance rates are rising or falling. For the last several years the reports haven’t been as much about whether rates are going up or down, but have focused on how much they’re rising each month.
And for the last several years those hikes have been significant.
MarketScout’s latest report is on the first quarter of 2023. For the quarter, the average increase for all lines is 5%. MarketScout said the two lines that saw the biggest increases in the first quarter are cyber insurance and commercial property. On average cyber rose to 15.7% in the first quarter and commercial property saw increases average 9.3%.
Here are other stats:
- Commercial auto — up 7.3%
- Umbrella — rose 5%
- Professional liability — increased 5%
- General liability — jumped 4.3%
- D&O — up 4.3%
- Small accounts: up to $25,000 — increased 4% on average
- Medium accounts: $25,001 to $250,000 — rose an average of 3.7%
- Large accounts: $250,001 to $1 million — up an average of 4.7%
- Jumbo accounts: $1 million and up — jumped an average of 4%
Source link: Business Insurance — http://bit.ly/3KR2YEy