Business Insurance Costs Up Almost 9% in Q3 – Enterprise Insurance

Average premiums in commercial property / casualty insurance rose 8.9% in the third quarter, slightly higher than in the second quarter, according to the latest price survey by the Council of Insurance Agents & Brokers.

Prices rose in all lines, with the exception of employee compensation, where rates fell slightly by 0.3% after more than a year of increases.

The biggest increase was in cyber liability insurance, where prices rose 27.6%, the report said.

In other major lines, umbrella rates rose 16.9% for the quarter, directors and officers liability rates rose 13.6%, property rates rose 10.3%, commercial car rates rose 7, 4% and general liability insurance rates increased by 6.3%.

Large accounts saw the largest increase at 10.4%, while medium account prices rose 10.1% and small account rates rose 6.2%, the council said.

While the average rate hikes were higher than in the second quarter, when interest rates rose 8.3%, they were lower than in the third quarter of 2020, when interest rates rose 11.7%, according to the council.

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