Commercial property/casualty insurance rates rose 7% on average in the first quarter, but some lines saw significantly steeper hikes, according to insurance exchange MarketScout Corp.
Umbrella and excess liability insurance rates rose the most at 14%, followed by directors and officers liability, 11.6%; professional liability, 11.3%; commercial auto 8.7%; and commercial property, 8.6%, according to the report released Tuesday. No lines experienced rate decreases. The smallest increases were in workers' compensation and surety, which both saw rates rise 1.7%. Large accounts saw the biggest increases, up 8.3% on average, compared with 6.3% for small and mid-sized accounts, the report said. By sector, transportation policyholders were hit the hardest, with 11.7% rate increases on average, followed by habitational risks at 9.3%.
Gavin Souter, Business Insurance