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MarketScout says property and casualty insurance rates rose in the fourth quarter of 2021. The average was 5.8%. Richard Kerr is MarketScout’s CEO and he said that’s down from the third quarter average of 6.8%.
“The fourth quarter 2021 reflects moderation in rate increases,” Kerr said. “However, when comparing rates for the entirety of 2021, rates did increase from +5.6% in 2020 to +6.6% in 2021.”
Some lines — however — saw skyrocketing rates.
“The composite national personal lines market continues to steadily adjust rates as necessary without year-over-year massive rate increases,” Kerr said. “However, for CAT exposed properties, rate increases can be dramatic; as much as 25%-40% in areas such as the wildfire corridors of California or southern portions of Florida.
Umbrella/excess lines had the highest increase at 11%. That’s followed by D&O at 10.3% and commercial property’s 8.3%. Other lines seeing increases of 5% or more are business interruption, general liability, commercial auto, professional liability and employment practice liability.
Source link: Business Insurance — https://bit.ly/3fdJ1Hz Source link: PropertyCasualty360.com — https://bit.ly/3r8ZvWX
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