According to the latest pricing report from the Council of Insurance Agents & Brokers, commercial insurance premiums increased by an average of 5.2% in the second quarter of 2024, down from 7.7% in the first quarter.
Commercial auto rates varied widely, and increased by nearly double digits, and workers compensation rates fell by more than 2%, according to the report released late Monday.
Commercial auto insurance rates increased 9% in the second quarter compared to 9.8% in the first quarter; commercial property rates increased 8.9% compared to 10.1%; umbrella rates increased 7.2% compared to 7%; general liability rates increased 5.1% compared to 4.1%; and workers compensation rates fell 2.2% compared to a decline of 1.8%.
Across specialty lines, directors and officers liability rates declined 1%, compared to a 0.8% decrease in the first quarter; cyber rates declined 1.7%, compared to a 0.4% decrease in the first quarter; employment practices liability rates declined 0.1%, compared to a 0.8% increase; and medical malpractice rates increased 1.5%, compared to a 1.4% increase.
Rates changed little by account size in the second quarter, with large accounts increasing 5.4%, mid-sized accounts increasing 5.1% and small accounts increasing 5%.
