Continued increases in commercial auto liability and general liability rates accelerated insurance rate increases in the first quarter, but rates in other lines moderated or fell, according to the Council of Insurance Agents & Brokers latest pricing survey.
Commercial insurance premiums increased by 7.7% on average in the first quarter, accelerating from the 7% increase in the prior quarter.
Commercial auto rates jumped 9.8% in the quarter, up from 7.3% in the fourth quarter, and general liability rates increased 4.1%, up from 3.8%.
In other major lines, rates hikes eased or prices fell. Commercial property again saw the biggest increase at 10.1%, but that was down from 11.8% in the fourth quarter of 2024; umbrella rates rose 7%, compared with 7.6% in the previous quarter, and workers compensation rates fell 1.8%, the same as the previous quarter.
In various specialty lines, directors and officers liability rates fell 0.8%, compared with a 0.1% increase in the fourth quarter; cyber rates edged up 0.4%, compared with 0.7%; employment practices liability increased 0.8%, compared with 1.6%; and medical malpractice increased 1.4%, compared with 1.7%.
By size of account, pricing for medium-sized accounts rose 8.5%, up from 8.2%, and small and large accounts rose 7.3%, compared with 6.7% and 6.1%, respectively.
