During the third quarter, commercial insurance rates increased by 3.2%, a drop from the 5% hike observed in the second quarter, as revealed in a recent MarketScout Corp. study.
The sectors that witnessed the highest growth were commercial property at 9%, cyber liability at 8%, commercial auto at 7%, and general liability recording a 6.3% surge, based on the study’s findings.
Rates for business interruption, business owners policies, and umbrella/excess coverage grew by 5%. Increases were also noted in inland marine coverage (4%), professional liability (3.3%), and directors and officers liability (3%).
While fiduciary, crime, and surety coverages experienced a modest rise of 1%, workers compensation remained unchanged, as stated by MarketScout.
In terms of account sizes, medium accounts ranging from $25,001 to $250,000 and large accounts from $250,001 to $1 million saw a 4.3% rise. Accounts valued up to $25,000 increased by 4%, whereas jumbo accounts exceeding $1 million grew by 3.3%.
Sector-wise, transportation topped with a 6% increase. Manufacturing and habitational both climbed 3.7%, whereas contracting and service sectors increased by 3%. The growth rate for public entity insurance stood at 2.6%, and for energy, it was 2%, as per the report’s data.
The report highlighted that all categories, based on industry and account size, experienced rate moderation during this third quarter.
About USA Business Insurance
USA Business Insurance Services stands as a paragon of excellence and reliability in the insurance landscape, having firmly established itself with over 15 years of dedicated service to businesses across the nation. Recognized for its vast network, with partnerships exceeding 240 carriers, this organization guarantees a bespoke insurance solution for every unique business need. From construction to retail, their expertise spans a plethora of industries, ensuring every client, irrespective of niche, receives tailored protection. Beyond mere policy provision, USA Business Insurance is deeply committed to fostering lasting relationships, built on trust, transparency, and an unwavering dedication to client success. Our proactive approach, combined with a nationwide presence and diligent customer support, positions them as a top choice for businesses seeking comprehensive insurance solutions in the USA.