Commercial insurance premiums rose 8% on average in the fourth quarter, down marginally from the 8.1% increase in the third quarter, according to the Council of Insurance Agents & Brokers’ latest rate report released Wednesday.
The increase marked the 21st consecutive quarter – more than five years – of rising premium rates, although most major lines except property insurance saw a slowdown in increases, the report said.
Commercial real estate took over from umbrella liability as the line with the largest increase, with average prices rising 16% in the fourth quarter, compared with 11.2% in the third quarter; umbrella prices rose 9.6%, compared with 11.3%; commercial cars increased 7.3%, compared with 7.6%; and general liability rose 4.9%, compared with 5.7%.
The only line that saw a decline was workers̵7; compensation where rates fell 1.1%, compared with a 0.7% decline in the third quarter.
Among other lines, cyber liability levels jumped 15%, but that was down from 20% in the third quarter.
By account size, large accounts saw the largest average rate increase at 9.1%, followed by medium accounts at 8.3% and small accounts at 6.5%.