But rates varied with desirable occupancy classes and natural catastrophe-exposed accounts excluding Florida seeing rate decreases of up to 10% in the quarter, while rate increases were up to 10% or higher for Florida-only or natural catastrophe-exposed Florida accounts, Aon said in its latest pricing report.

Broad market conditions continue to moderate, especially for natural-catastrophe-exposed businesses, and rate dynamics are expected to continue in the third quarter, Aon said.

Policyholders with shared and layered programs saw rates decrease 3.18% on average for the quarter ended June 30, compared with a 0.05% decrease in the first quarter.

Single insurer rates increased 3.1% on average, down from 6.68% in the first quarter.

“Capacity is helping to moderate pricing,” Vincent Flood, U.S. property practice leader for Aon, said in a statement.

“Clients can expect an aggressive underwriting approach for shared and layered accounts with desirable occupancy classes and profitable historic loss ratios, with or without heavy nat-cat exposures,” Mr. Flood said.

Loss-challenged or less desirable occupancies saw flat to 5% rate increases in the quarter.

The average second-quarter rate decrease of 0.94% compared with a 3.4% rate increase in the first quarter. Rates were last in negative territory in the third quarter of 2017.

Source:

Commercial auto rates increased 9.8% in July, compared with 9.7% in June, business owners’ policy rates rose 8.7% compared with 8.4%, umbrella liability rates were up 8.4% compared with 8.3% and general liability was up 4.2% compared with 4.1%.

Commercial property rates rose the most at 11.8%, down from a 12.7% increase in June.

Workers’ compensation rates fell 1.3% compared with a 1.5% decline.

Source:

The January 2024 Ivans Index showed that commercial property, general liability, commercial auto, business owners policy and umbrella lines continued to see monthly increases.

The premium renewal rate change for commercial property was up 10.3%, which was slower than the 10.67% rate hike in December.

Business owners policy had a premium renewal rate change of 9.33%, down from 9.72% at the end of December.

Commercial auto saw a January premium renewal rate change of 7.4%, less than December’s 8.67%.

Umbrella coverage had a premium renewal rate change of 6.35%, down from 6.62% in December.

General liability lines’ January premium renewal rate change of 5.38% was down from December’s 6.16%.

Workers compensation rates fell, but at a slower pace, with January’s premium renewal rate change of -0.67% up from December’s -0.82%. Umbrella lines continued to see monthly increases.

Source: