Personal Lines Rates Decrease Slightly
April 6, 2023
Personal Lines Rates in The US Decreased in The Second Quarter of 2023
July 7, 2023


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Commercial Rates Up in First Quarter 2023

Steady, moderate rate increases continue.

The composite rate for commercial property and casualty rates increased in a deliberate, modest fashion in the first quarter of 2023 at plus 5%.

The only coverages of notable change were general liability, down from plus 6.7% in Q4 2022 to plus 4.3% in Q1 2023 and EPLI, down from plus 6.3% to plus 3.7%.

By account size, rates decreased for all sizes except those with premiums of $250,000 to $1,000,000 which were up in comparison to Q1 2022 from plus 4% to plus 4.7% in Q1 2023.

Rates by industry group reported transportation as the only quarter over quarter rate increase, which was up from plus 7.3% in Q4 2022 to plus 8% in Q1 2023.

“It’s not surprising to see rates holding steady in the first quarter,” says Richard Kerr, CEO of Novatae Risk Group. “We will get a better measure of overall composite rates for 2023 in the next two quarters.”

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 2023 rates by coverage, cyber liability, industry class and account size is set forth below.

By Coverage Class
Commercial PropertyUp 9.3%
Business InterruptionUp 4.7%
BOPUp 3%
Inland MarineUp 3.3%
General LiabilityUp 4.3%
Umbrella/ExcessUp 5%
Commercial AutoUp 7.3%
Workers’ CompensationDown 0%
Professional LiabilityUp 5%
D&O LiabilityUp 4.3%
EPLIUp 3.7%
FiduciaryUp 2%
CrimeUp 1%
SuretyUp 1%
Cyber Liability
CyberUp 15.7%
By Account Size
Small Accounts - Up to $25,000Up 4%
Medium Accounts - $25,001 – $250,000Up 3.7%
Large Accounts - $250,001 – $1 millionUp 4.7%
Jumbo Accounts - Over $1 millionUp 4%
By Industry Class
ManufacturingUp 4.3%
ContractingUp 5%
ServiceUp 5%
HabitationalUp 3.3%
Public EntityUp 5%
TransportationUp 8%
EnergyUp 4.7%

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

About MarketScout

MarketScout affiliated with Novatae Risk Group in November 2022. MarketScout now has thirty-one offices across the United States.

History of MarketScout

Founded in 2000, MarketScout 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. The company owns and operates the MarketScout Exchange, as well as over forty other online and traditional underwriting and distribution venues. MarketScout is the founder of the Council for Insuring Private Clients (CIPC) and administers the Certified Personal Risk Manager (CPRM) designation in partnership with The National Alliance for Insurance Education & Research. MarketScout is the only insurance organization to receive The National Alliance’s exclusive partnership and endorsement. The company founded the Entrepreneurial Insurance Alliance (EIA) in 2007 to support insurance entrepreneurs and in 2017 founded the MarketScout InsurTech (MIT) venture fund. In January 2018, it launched an Incubator to accelerate start-up MGAs and assume operational functions for existing MGAs and insurers. 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.