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April 5, 2024


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Commercial Rates in US Up 3.9% on all Property and Casualty Placements

Property CAT and pending liability developments still worry insurers

In the United States, the composite rate for commercial insurance in the first quarter of 2024 was up 3.9%, a notable decline from the fourth quarter of 2023, which was plus 5.6%. Richard Kerr, CEO of Novatae Risk Group noted, “January and February posted very modest rate increases; however, rates were trending upward more aggressively in March. Property insurers are nervous about the 2024 catastrophe season. Liability insurers are more calm but economic conditions and incurred, but not yet reported, claim estimates may impact rates later in 2024.”

Auto and property insurance rates remain the highest among all coverages at plus 6.7% and plus 6.3% respectively. By industry group, transportation risks are being assessed with the highest rate increases at plus 6.7%.

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.

A summary of the first quarter 2024 rates by coverage, cyber liability, industry class and account size is set forth below.

By Coverage Class
Commercial PropertyUp 6.3%
Business InterruptionUp 5%
BOPUp 3.7%
Inland MarineUp 3.3%
General LiabilityUp 3.25%
Umbrella/ExcessUp 6.3%
Commercial AutoUp 6.7%
Workers’ CompensationFlat 0%
Professional LiabilityUp 3.7%
D&O LiabilityUp 2.7%
FiduciaryUp 1%
CrimeUp 1.3%
SuretyUp 1%
Cyber Liability
CyberUp 7%
By Account Size
Small Accounts - Up to $25,000Up 4.3%
Medium Accounts - $25,001 – $250,000Up 3.7%
Large Accounts - $250,001 – $1 millionUp 5%
Jumbo Accounts - Over $1 millionUp 4.3%
By Industry Class
ManufacturingUp 3.7%
ContractingUp 4.3%
ServiceUp 4%
HabitationalUp 5%
Public EntityUp 2.7%
TransportationUp 6.7%
EnergyUp 2.7%

For detailed rating analysis or market projections by industry class, coverage or account size, contact Vilma Scott at

About MarketScout, a Division of Novatae Risk Group

Founded in 2000, MarketScout, a Division of Novatae Risk Group, is an insurance distribution and underwriting company headquartered in Dallas, Texas. The company is a Lloyd’s Coverholder and MGA for US insurers with specialty expertise in workers’ compensation, private client solutions, energy, healthcare, fine art, equine, jewelry, professional liability, and many specialty programs. MarketScout’s company culture and sense of community encourages growth, learning and collaboration. The company has been named as one of the Best Places to Work in Insurance by Business Insurance for ten consecutive years. In November 2022, MarketScout joined Novatae Risk Group and Richard Kerr was named the combined companies’ CEO. California license #0D60423.