Commercial rate increases slow in fourth quarter: MarketScout

Commercial insurance rate increases moderated to 2.6% in the fourth quarter of 2024, compared with 3.8% average price increases in the third quarter, according to data released Monday by insurance exchange MarketScout Corp.

For the full year, rates increased by 3.8% in 2024, compared with 4.6% in 2023.

By line of business, commercial auto again saw the biggest increase in the fourth quarter, with rates increasing 6.7%, though that was down from the 7.3% hike in the third quarter.

General liability and excess liability rates rose 3.7% in the fourth quarter, compared with 4.3% the previous quarter; commercial property was up 3.3%, compared with 5.7%; directors and officers liability climbed 1.3%, compared with 3.3%; and workers compensation rates remained flat, according to the report.