The average commercial insurance rate increased by two figures in the second quarter, with large accounts receiving the largest increase, according to the latest pricing survey released by the Insurance Agents and Brokers Council on Monday.
The average increase on all lines was 10.8% in the second quarter, compared to 9.3% in the first quarter, and prices for large accounts increased by 14.2%, compared to 12.6% in the previous quarter .
Medium-sized accounts saw an increase of 11% and small accounts rose by 7.3% in tax rates during the second quarter.
Umbrella liability coverage prices saw the largest increases among the five main lines tracked by CIAB with prices rising 20% during the second quarter. Commercial real estate prices increased by 1
In other lines tracked by CIAB, liability insurance levels for board members and salaried employees increased by 16.8% during the second quarter, which decreased sharply from the 32.4% increases reported during the first quarter, business outage levels rose 9.7%, also decreased sharply from the first quarter. Employment practice liability levels increased by 9.4%, the construction insurance level increased by 6.8% and the cyber liability level rose 6.5%.