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Insurance rate hikes are expected to slow as capacity increases



Buyers of commercial insurance in North America should see relief from the tough market next year with some lines seeing flat renewals or even reductions, according to a report by Willis Towers Watson PLC.

Several lines, such as cyber liability, but Remain tough and buyers should still expect significant rate hikes, according to the report released on Tuesday. in terms of additional capacity provided by insurance companies, has increased, and an increase in supply does what it does best: lowers prices, "he said.

For 2022, property prices are expected to rise 2% to 10%; general liability rates are expected to increase by 5% to 12.5%; automatic prices are likely to be 5% to 1

5% higher; increased accidents will be unchanged at 15% higher for low to moderate risks and 15% to 30% higher for high risk; Workers' compensation levels are likely to fall by 2% to up to 4%, according to the Willis report. Most of the lines saw higher interest rate increases last spring.

The primary interest rates for the board and civil servants' liability for public companies will be unchanged at up to 25% and unchanged at up to 20% for excess inventory; Private corporate D & O rates will be 5% to 40% higher, according to the report.

Interest rates for cyber liability are expected to rise by 50% to 150% next year, as cyber insurance companies continue to limit their exposure to ransomware losses, according to the report.

On other lines, liability levels for employment practices are expected to increase by 10% to 30%; the proportion of errors and omissions is expected to increase by 5% to 20%, depending on the profession insured; design liability and car liability are likely to increase from 5% to 15%; and primary figures for medical malpractice are expected to rise by 5% to 10%


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