Commercial insurance rates rose across nearly every line in the first quarter of 2023, with cyber liability and commercial property seeing the biggest increases, according to data from insurance exchange MarketScout Corp.
Cyber liability insurance rates, which have seen significant increases over the past two years, rose 15.7% in the first quarter and commercial property insurance rates rose 9.3%, according to the Dallas-based company.
Workers’ compensation, where the annual renewal rate was flat, was the only line that didn’t see an increase in the quarter, MarketScout reported.
Among other major coverage areas, commercial auto rates increased by 7.3%, umbrella and professional liability increased by 5%, and general and directors and officers liability increased by 4.3%.
The average increase for all commercial lines during the quarter was 5%.
By account size, small accounts, or those with up to $25,000 in premiums, saw rates rise 4%; mid-sized accounts, between $25,001and $250,000, increased 3.7%; large accounts, between $250,001 and $1 million, increased 4.7%; and jumbo accounts, over $1 million, increased 4%, MarketScout said.