Two Reports — Rates Continue to Moderate

Ivans Insurance Services said rate increases in the third quarter for renewal customers fell for most major lines of coverage.

• Umbrella had the largest increase at 6.88% — down from 7.96% in the 2nd quarter

• Commercial property rates rose 5.65% — down from the 2nd quarter’s 6.4%

• BOP policies were up 5.61% compared to the 2nd quarter’s 6.16%

• General liability fell 4.12% from 5.44%

• Commercial auto increases hit 3.63% — down from 4.93% in the 2nd quarter

• Workers’ compensation — as always — fell 1.17% compared to a drop of 1.37% in the 2nd

The Baldwin Group released a report with similar results. It found commercial property insurance averaging minus 8% in the third quarter. That compares to the second quarter’s drop of 8.1%.

Baldwin said it’s the sixth consecutive quarter of declines but it’s the first where the decreases weren’t that deep compared to previous quarters. The largest reductions are in layered and shared property programs.

Casualty insurance is rising. Litigation costs leading to rising claims costs has forced prices to rise.

• General liability rose 3.5% but that’s down from 4.5% in the 2nd quarter

• Umbrella prices are up 5.6%, down from 6% in the 2nd quarter

• Commercial auto rates increased 2.9% down from 4.5%

• Cyber prices are up 2% and up from 0.4%

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