Property/Casualty | ¹û¶³´«Ã½ Our Members Bring Choice, Value & Innovation to Agriculture Wed, 13 Jul 2022 16:15:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.4 /wp-content/uploads/2023/09/fema-favicon-75x75.png Property/Casualty | ¹û¶³´«Ã½ 32 32 Property/Casualty Rates Rise /shortliner/property-casualty-rates-rise/ Wed, 13 Jul 2022 16:15:44 +0000 /?p=18528 Average U.S. commercial property/casualty rates rose 5.9% in the second quarter, according to MarketScout Corp. 

Cyber liability insurance rates rose the most, up 21.3% in the quarter. Increases in other lines were more moderate, though some approached double digits.

Among the major coverage classes, commercial auto rates climbed 9%, umbrella/excess rates rose 8.7%, property and directors and officers liability were each up 8.3%, professional liability was up 5.6%, general liability rose 5.3%, and workers compensation rates increased 1%.

Midsized accounts — those paying premium of $25,001 to $250,000 — saw the biggest average increase at 7%. Small accounts, $25,000 in premium and below, were up 5.7%; large accounts, $250,001 to $1 million, were up 6%; and jumbo accounts, over $1 million, were up 6.3%, according to MarketScout.

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