Commercial insurance premiums increased by 6.6% in the first quarter of 2022, more than two percentage points lower than the average increase in the fourth quarter of 2021, according to the Council of Insurance Agents & Brokers’ latest price survey.
While the risks of cyber-responsibility continued to skyrocket, most other lines saw increases below 10%, according to the survey released late Tuesday.
Among the large coverage lines, umbrella liability increased the most by 10.5%, followed by commercial properties by 8.6%, commercial cars by 5.9% and general liability by 3.9%.
In occupational injury compensation, which is one of the few coverage lines that has not seen any major increases in recent years, average levels fell by 0.5%.
Among other coverage areas, the cyber frequency increased by 27.5%, the responsibility for directors and salaried employees increased by 7.8%, the responsibility for employment practices increased by 5.8% and medical malpractice increased by 5.1%