Commercial insurance rate rises continued in third quarter

Commercial insurance rates continued to increase in the third quarter of 2021, with most lines seeing single-digit hikes, according to insurance exchange MarketScout Corp.

Only umbrella and excess rates, which rose 11.7%, and directors and officers liability rates, up 11.3%, saw double-digit increases, MarketScout said Tuesday in its quarterly update.

Commercial property rates, commercial auto and employment practices liability all rose 9%.

Business interruption and professional liability rates rose 6.7%, general liability rates were up 6%, inland marine was up 5.7% and business owners policy coverage rates rose 4.7%.

Among the smaller increases, crime coverage and fiduciary coverage rates both rose by 2%, and surety rates rose 1%. Workers compensation rates remained flat for the third quarter.

By account size, large accounts of $250,001 to $1 million in premium saw the largest increase at 8%.

Jumbo accounts – over $1 million in premium – and medium accounts — $25,001 to $250,000 — both saw at 7.3% hikes. Small accounts had the lowest increase at 6%.

Among industry classes, transportation had the largest increase at 10.7%, followed by habitational up 9.0%, energy up 7%, manufacturing up 6.7%, both contracting and service up 6.0% and public entity up 5.3%

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