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Increases in commercial insurance rates are accelerating



U.S. Commercial insurance rates increased by 7.1% during the fourth quarter of 2020, continuing an upward trend that began in 2017, according to a report Monday from MarketScout Corp. Dallas-based specialty brokers and insurance exchanges said.

The largest increase during the fourth quarter was in the market for umbrella / surplus debt, where interest rates increased by an average of 12.7%. Other sectors that received large increases included responsibilities for board members and executives, 11.7%; professional responsibility, 10.3%; commercial property, 9%; and commercial car, 8.3%, the report says.

The liability rate for employment increased by 6.7%, the general debt / equity ratio increased by 6% and the employee benefit levels increased by 0.7%. , where policyholders pay more than $ 1

million in annual premiums, saw an average interest rate increase of 8%. large accounts, those who paid $ 250,001 to $ 1 million, increased by 9.3%; medium-sized accounts, $ 25,001 to $ 250,000, increased by 8.3%; and small accounts, up to $ 25,000, increased by 6.7%.

By industry class, energy risks increased with the largest quarterly interest rates, 11.5%, followed by construction, 9.5%; transport, 9%; and contracts, 7.25%.


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