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Commercial insurance increases continued during the third quarter



Commercial insurance prices continued to increase during the third quarter of 2021, when most lines saw single-digit increases, according to the insurance exchange MarketScout Corp.

Only umbrella and surplus, which increased by 11.7%, and board members and officers The liability rate, an increase of 11.3%, showed double-digit increases, MarketScout said on Tuesday in its quarterly update.

Commercial real estate rates, commercial cars and work practices all increased by 9%. %, general indebtedness increased by 6%, shipping increased by 5.7% and the business owners' insurance rate increased by 4.7%.

Among the smaller increases, both criminal protection and trust protection increased by 2% and bail rates rose by 1

%. Workers' compensation remained unchanged during the third quarter.

According to account size, large accounts of $ 250,001 to $ 1 million dollars saw the largest increase of 8%.

Jumbo accounts – over $ 1 million in premium and medium-sized accounts – – $ 25,001 to $ 250,000 – both saw 7.3% increases. Small accounts had the lowest increase of 6%.

Among the industry classes, transport had the largest increase by 10.7%, followed by housing increases by 9.0%, energy by 7%, production up 6.7%, both construction and services increased by 6.0% and public transport unit increased by 5.3%

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