According to MarketScout data the composite rate for commercial insurance pricing in the third quarter of 2021 was up 6.8%, compared to the 5.9% in the second quarter of 2021.
Richard Kerr, CEO of MarketScout noted how Umbrella and D&O coverages continue to lead the price increases at 11.7% and 11.3%.
By industry group, transportation rates were most aggressive at 10.7%.
Property rates were up an average of 9%; however, in wildfire areas of California and wind zones of Florida, rates were up over 20%.
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout’s analysis of market conditions.
These surveys help to further corroborate MarketScout’s actual findings, mathematically driven by new and renewal placements across the United States.
Across the US, the average rate increase in the third quarter of 2021 for personal lines was 6.6% as compared to up 4.75% in the second quarter.
“We always expect more aggressive homeowners pricing in the third quarter of any given year as insurers begin to incur losses from wind and wildfire claims,” said Kerr.
