Commercial insurance policyholders paid an average premium increase of 7% in the fourth quarter of 2023, down from 8.1% in the prior quarter, according to the Council of Insurance Agents and Brokers latest pricing survey.
Property insurance rates again increased the most, up 11.8%, but at a slower pace than the 17.1% recorded in the third quarter.
In other major lines, umbrella rates rose 7.6%, commercial auto was up 7.3%, and general liability was up 3.8%. Workers compensation rates slipped 1.8% in the fourth quarter, slightly less than the 2% decrease in the third quarter.
Among other lines of coverage, medical malpractice rates rose 1.7%, cyber rates rose 0.7% and directors and officers liability rates rose 0.1%.
By account size, small accounts saw average increases of 6.7%, premiums for medium-sized accounts were up 8.2% and large accounts were up 6.1%.
The fourth quarter marked the 25th consecutive quarter of commercial insurance rates increases, the Council noted in the report.
