Property/Casualty Rates Rise

Average U.S. commercial property/casualty rates rose 5.9% in the second quarter, according to MarketScout Corp. 

Cyber liability insurance rates rose the most, up 21.3% in the quarter. Increases in other lines were more moderate, though some approached double digits.

Among the major coverage classes, commercial auto rates climbed 9%, umbrella/excess rates rose 8.7%, property and directors and officers liability were each up 8.3%, professional liability was up 5.6%, general liability rose 5.3%, and workers compensation rates increased 1%.

Midsized accounts — those paying premium of $25,001 to $250,000 — saw the biggest average increase at 7%. Small accounts, $25,000 in premium and below, were up 5.7%; large accounts, $250,001 to $1 million, were up 6%; and jumbo accounts, over $1 million, were up 6.3%, according to MarketScout.