Commercial rate hikes slow in second quarter: CIAB

Average commercial insurance rate increases slipped to 3.7% in the second quarter from 4.2% in the prior quarter, according to the latest pricing survey from the Council of Insurance Agents and Brokers.

Rate changes varied significantly by account size and line.

Large account rate increases slowed to 2.9% from 5.3%, but rates for mid-sized accounts rose 4%, compared with 3.7%, and small account rates were up 4.2%, compared with 3.6%.

Umbrella liability was the only line to see an acceleration in rates, rising 11.5% compared with 9.5% in the prior quarter. Commercial auto rates were up 8.8%, compared with 10.4%; general liability rates rose 3.9%, compared with 4.2%; and commercial property was up 1.9%, compared with 2.9%.

Workers compensation rates continued to fall, down 1.8% compared with a 2.6% decrease in the first quarter.

In other lines, directors and officers liability rates slipped 2.5%, employment practices liability pricing slipped 1.8% and cyber edged down 1.5%.