Pricing trends mixed in second quarter: MarketScout

Average commercial lines insurance renewal rates rose 2.8% in the second quarter, down from 3% in the first quarter, but the increases varied by line and account size, MarketScout said Monday.

Commercial auto continued to see the most significant rate increases, at 6.7%, the same as in the first quarter, said the report from MarketScout, a unit of Novatae Risk Group.

Among other major lines, umbrella and excess rates increased 5% in the second quarter, down from 6.7% in the prior period; general liability was up 3.7%, compared with 2.3%; commercial property again rose 3.6%; directors and officers liability rates increased 1.3%, compared with 1%; cyber liability was up 1%, compared with 1.7%; and workers compensation again was flat.

By account size, rates increased 3.7% for accounts up to $25,000 in premium, compared with 4.7% in the prior quarter; 3.3% compared with 3.7% for accounts up to $250,000; 3% in both quarters for accounts up to $1 million; and 3% compared with 2.3% for accounts over $1 million.