Commercial insurance rate hikes up slightly in Q4: CIAB

Commercial insurance premiums increased 5.4% on average in the fourth quarter of 2024, up slightly from 5.1% in the third quarter, according to the latest pricing report from the Council of Insurance Agents & Brokers released Wednesday.

Commercial auto saw higher increases in the quarter, rising to 8.9% from 8.5% in the prior quarter; umbrella liability rates were up 8.7% from 8.6%; and general liability rates rose to 5.3% from 4.8% in the prior quarter.

Commercial property rose 6%, compared with 7.9%; workers compensation rates declined 1.8%, compared with a 1.4% drop.

Among various specialty lines, directors and officers liability rates fell 1.5%, compared with a 1.9% decrease in the third quarter; cyber liability rates were down 1.8%, compared with a 1.5% decline; employment practices liability rates declined 0.2%, compared with a 0.3% increase; and medical malpractice rates rose 1.9%, compared with a 1.6% increase.

By account size, medium-sized accounts saw 6.4% increases, compared with 5.6%; large accounts were up 6.3%, compared with 5.3%; and small accounts were up 3.6%, compared with 4.4%.