Commercial insurance rates increased an average of 3.9% in the first quarter of 2024, compared to 5.6% in 2024. fourth quarter 2023, according to data released Friday from insurance exchange MarketScout Corp.
According to MarketScout, commercial auto grew 6.7%, followed by commercial property and umbrella/excess coverage, both up 6.3%.
Business interruption coverage increased 5%, and professional liability and business owners policy lines both increased 3.7%.
General liability rates rose 3.25%, directors and officers liability rose 2.7%, and workers’ compensation was flat, according to MarketScout data.
By account size, large accounts from $250,001 to $1 million grew 5%; Small accounts up to $25,000 and jumbo accounts over $1 million both increased 4.3%; And medium accounts of $25,001 to $250,000 were up 3.7%.
Richard Kerr, CEO of Novate Risk Group, said in the report that rates rose very modestly in January and February, but rates were moving more aggressively upward in March.
