US P&C rate increases slow again to 5.3% in Q3: MarketScout

US commercial P&C insurance rates increased 5.3% on average in the third quarter and moderated further from the 5.9% rise in the preceding quarter, reports digital insurance exchange MarketScout.

As first reported in our sister publication Business Insurance, cyber liability saw the biggest increase at 23%, followed by commercial property and commercial auto at 7.7%.

D&O liability insurance, and umbrella and excess rates, rose 7%, business interruption was up 6.3%, general liability was up 6% and professional liability was up 5.7%.

Workers compensation rates inched up 0.3%, according to MarketScout.

By size, accounts with more than $1m in premium saw rates rise 5.7%.

Accounts between $250,001 and $1m, and accounts between $25,001 and $250,000, rose 6%, while accounts up to $25,000 rose 5.7%.

The moderating trend backs expert opinion that the global commercial insurance market will continue to harden for buyers at year-end but the pace of rises will continue slow

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