US commercial insurance rate hikes slow in Q1: MarketScout

Commercial US insurance rates rose an average of 3.9% in the first quarter of 2024, compared with 5.6% in the final quarter of last year, according to data from insurance exchange MarketScout.

Commercial auto led the increases at 6.7%, followed by commercial property and umbrella/excess coverage, both up 6.3%.

Business interruption coverage was up 5%, and both professional liability and business owners policy lines rose 3.7%.

General liability rates were up 3.25%, directors and officers liability 2.7%, and workers compensation was flat, according to MarketScout data.

Rates at large accounts between $250,001 and $1m were up 5%. Small accounts and jumbo accounts over $1m both rose 4.3%. Rates were up 3.7% at medium accounts of $25,001 to $250,000.

Richard Kerr, CEO of Novatae Risk Group, noted in the report that while January and February posted very modest rate increases, prices were trending upward more aggressively in March.

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