Ivans Insurance Services just released its analysis of 2023’s third quarter results. Commercial auto, business owners policy (BOP), general liability, commercial property and umbrella policies all saw increases.
Workers compensation prices fell — again.
“This quarter’s Ivans Index shows that nearly across the board the hard market continues as rate increases further hike north,” Kathy Hrach said.
- Commercial property had the highest average hikes at 10.08%
- That compares to 9.77% in the second quarter of 2023
- BOP policies were second highest with average increases of 7.74%
- That compares to 7.56% in the second quarter
- Commercial auto rose an average of 7.01% compared to 6.5% in the second quarter
- General liability rates were up 5.43%
- Umbrella rates rose 5.29%
- Workers’ compensation fell 0.98%
MarketScout’s third quarter tally is a little different. The company’s parent company is Novatae Risk Group. Its CEO Richard Kerr said commercial rates rose just 3.72% on average during the third quarter. That compares to a 5% jump in the second quarter of this year.
Here are MarketScout’s numbers:
- Commercial Property — up 9%
- Business Interruption — rose 5%
- BOP — Up 5%
- Inland Marine — increased 4%
- General Liability — up 6.3%
- Umbrella/Excess — rose 5%
- Commercial Auto — jumped 7%
- Workers’ Comp — Flat — 0%
- Professional Liability — rose 3.3%
- D&O Liability — increased 3%
- EPLI — jumped 2%
- Fiduciary — up 1%
- Crime — increased 1%
- Surety — rose 1%
Source link: Business Insurance — https://bit.ly/3QkTi84
Source link: PropertyCasualty360.com — https://bit.ly/46RbETQ
