Q2 Commercial Insurance Premiums Increase
August 22, 2022
According to a recent survey by The Council of Insurance Agents & Brokers, commercial insurance premium rates rose an average of 7.1% in the second quarter.
The increase marked the 19th consecutive quarter of rising premiums for the industry.
According to survey respondents, commercial property and commercial auto insurance were most affected by the recent inflationary trends, most likely due to higher loss costs and administrative costs for filing claims.
At an average of -1.2%, workers compensation premiums were the only line of commercial insurance to show a decrease in the second quarter.
Despite the challenges, some insurance brokers surveyed saw the difficult economy as an opportunity to demonstrate themselves as trusted advisors. “This market has caused many policies to have several limitations and exclusions that allow the commercial broker to prove their value [through] detailed analysis of all insurance options,” said one survey respondent from a midsize Northeastern firm.
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