Commercial insurance premiums increased 5.2% on average in the second quarter of 2024, down from 7.7% in the first quarter, according to the latest pricing report from the Council of Insurance Agents & Brokers.
But increases varied significantly by line with commercial auto rates rising close to double digits and workers compensation rates falling more than 2%, according to the report released late Monday.
Commercial auto insurance rates were up 9% in the second quarter, compared with 9.8% in the first quarter; commercial property rates were up 8.9%, compared with 10.1%; umbrella rates were up 7.2%, compared with 7%; general liability rates rose 5.1%, compared with 4.1%; and workers comp rates fell 2.2%, compared with a 1.8% drop.
In various specialty lines, directors and officers liability rates fell 1%, compared with a 0.8% decrease in the first quarter; cyber rates were down 1.7%, compared with a 0.4% decrease; employment practices liability rates fell 0.1%, compared with a 0.8% increase; and medical malpractice rates rose 1.5%, compared with 1.4%.
Rates changes varied little by account size in the second quarter, with large accounts up 5.4%, medium-sized accounts up 5.1% and small accounts up 5%.
