Third Quarter Insurance Rates: Another Angle — Same Story

The Council of Insurance Agents & Brokers (CIAB) has released its third quarter commercial insurance rates results. They aren’t too much different than those of other associations and groups.

The average premium hike for quarter three of 2023 is 8.1%. That’s down from the 8.9% in the second quarter. All lines except directors and officers liability and workers’ compensation saw increases.

Medium-sized accounts saw the biggest rise at an average of 8.9%. That’s down from 9.8% in the second quarter. Small accounts rose by 7.9%. That’s up from 7.2% in the second quarter.

Large accounts saw a 7.5% rise. That’s down from 9.7%.

The highest rate increases were from commercial property. Premiums in that line rose 17.1% on average. That’s horrible news for companies but it does come with some good news. Rates in the second quarter jumped 18.3% on average.

Commercial auto rates rose 8.8%, down from 10.4% in the second quarter. Umbrella rates are up 7.4% but down from the second quarter’s 8.1%. General liability increases hit 4.2%, down from 5.2%.

Work comp rates fell 2% and D&O rates fell 0.3%.

Source link: Business Insurance — https://bit.ly/3uLB9bi