Personal Lines Rates in The US Decreased in The Second Quarter of 2023
July 7, 2023
Commercial Insurance Rates Moderate in Third Quarter 2023
October 9, 2023


MarketScout logo

Composite US Commercial Insurance Rates Steady

Second quarter 2023 composite rate plus 5%

Businesses across the United States were assessed an average composite rate increase of 5% in the second quarter of 2023.

“While the composite rate held steady in the second quarter, there was some movement in various lines of insurance,” said Richard Kerr, CEO of MarketScout and Novatae Risk Group. “Property, business interruption, general liability and umbrella/excess rates increased, while most other coverage classifications softened a bit.”

When measured by account size, rates increased very slightly in all size categories.

By industry classification, transportation continued to be assessed with the largest rate increase at 7.3%.

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

By Coverage Class
Commercial PropertyUp 10.7%
Business InterruptionUp 6%
BOPUp 3.2%
Inland MarineUp 5%
General LiabilityUp 7%
Umbrella/ExcessUp 7%
Commercial AutoUp 8%
Workers’ CompensationUp 0.3%
Professional LiabilityUp 4.7%
D&O LiabilityUp 4.7%
FiduciaryUp 1.7%
CrimeUp 1%
SuretyUp 1%
Cyber Liability
CyberUp 13.3%
By Account Size
Small Accounts - Up to $25,000Up 5.7%
Medium Accounts - $25,001 – $250,000Up 6%
Large Accounts - $250,001 – $1 millionUp 6%
Jumbo Accounts - Over $1 millionUp 4.7%
By Industry Class
ManufacturingUp 4.3%
ContractingUp 4.3%
ServiceUp 4.3%
HabitationalUp 7%
Public EntityUp 3%
TransportationUp 7.3%
EnergyUp 4.3%

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.