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Insurance rates are expected to rise again this year



Commercial insurance rates are expected to rise above most coverage lines this year, with many sectors likely still experiencing double-digit increases, according to a report released Thursday by Risk Strategies Co.

According to Boston-based brokerage firm State of the Market "report, no coverage lines are expected to see interest rate cuts, and only a few lines, such as work injury compensation and sureties, are expected to see unchanged renewals.

increases last year, said Risk Strategies, the trade name for RSC Insurance Brokerage Inc. Disaster exposures are expected to increase between 10% and 20%, and unfavorable high-risk real estate risks are expected to see interest rate increases of 25% or more; general liability and automatic liability up to 5% to 1

0%; umbrella prices up 10% to 20%; and private corporate governance up 10% to 30% and public corporate governance up 5% to 30%.

But conditions are likely to improve for buyers, said Risk Strategies CEO John Mina in the report.

"Sustainable rate increases have attracted new players and over time, the issue capacity will be increased and interest rate increases will be stabilized ", he said.


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