MarketScout: Q3 Commercial Rates Up Across the Board

Commercial insurance rates were up 6.25 percent on average.
October 20, 2020

A MarketScout report says commercial insurance rates were up 6.25 percent on average in the third quarter, compared with the 4.8 percent average increase in the second quarter. Directors and officers liability insurance saw the sharpest increase — 11.5 percent — while umbrella and excess liability rates rose 8.5 percent and workers’ compensation experienced its first increase in more than five years, with an uptick of 0.5 percent, the report says.

READ: Q3 Natural Catastrophe Losses the Largest Since 2017

Commercial auto rates increased by 8 percent in the third quarter, while professional liability rose 7.5 percent and commercial property rates rose 7 percent.

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