Commercial insurance premiums rose an average of 6.1% in the second quarter, according to a report Monday from The Council of Insurance Agents and Brokers.
The second quarter of 2022 was the 19th consecutive quarter of premium increases for all industries, the report said.
Umbrella coverage rose 11.3% in the second quarter compared to 10.5% in the first quarter of 2022, the data showed. The second quarter of 2022 was the 11th consecutive quarter that umbrella saw an increase of over 10%, the report said.
Commercial real estate increased by 8.3% in the second quarter compared to 8.6% in the first quarter of 2022.
Commercial vehicle prices rose 7.2% compared to 5.9% in the first quarter. The general liability rate increased 4.7% compared to 3.9%, and the workers̵
7; compensation rate decreased 1.2% compared to a 0.5% decline in the first quarter.Cyber coverage rate increases averaged 26.8% in the second quarter, and director and officer liability coverage increased 7.9%, report data showed.
Other lines all had increases in the low to mid-single digits, the data showed.
By account size, large accounts saw an average rate increase of 7.5% in the second quarter compared to 6.2% in the first quarter of 2022.
Medium accounts held steady with an increase of 7.3% and small accounts were flat at 6.4%.
There were signs of moderation in pricing for some industries, such as flood, medical malpractice and surety bonds, while others, such as cyber and umbrella, continued to see upward pressure on premiums, a statement accompanying the report said.
Commercial real estate and commercial auto were the lines most affected by recent inflationary trends, the statement said.
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