The composite rate increase across insurance and reinsurance lines across the first quarter of 2022 was 6%, according to data from US electronic insurance exchange and specialty MGA MarketScout shows.
The figure represented a slight increase over growth of 5.8% for the fourth quarter, as re/insurers continued to assess rate increases across all lines of coverage and industry groups against mounting losses.
When measuring rates by coverage classifications, rates were most aggressive in the first quarter 2022 for cyber, umbrella and D&O at plus 19.7%, 9.7% and 8.7% respectively.
By industry classification, transportation and habitational rates increased the most at plus 10.3% and 8% respectively.
Small and medium size account rates moved up to 5.3% and 6.3T respectively, while rates for large and jumbo accounts were steady at an increase of 6.7%.
“Rates in January and February were consistent with what was reflected in the last quarter of 2021,” commented Richard Kerr, CEO of MarketScout. “However, rates did start to move up even more in March 2022, which could be the beginning of stronger increases for the next several quarters.”
Specifically, MarketScout’s data shows that Commercial Property lines were up 7.6% through Q1, with Business Interruption up 6.3%, BOP 6.3%, Inland Marine 4.7%, General Liability 5%, Umbrella/Excess 9.7%, Commercial Auto 7.3%, and Workers’ Compensation up 1%.
Additionally, Professional Liability growth was recorded at 5.7%, with D&O Liability at 8.7%, EPLI 7%, Fiduciary 2.3%, Crime 1.3%, Surety 1.3% and Cyber at 19.7%.