Steady Rate Increases for Q2 2022
July 6, 2022
Personal Lines Composite Rate Up 4.58% in Third Quarter
October 5, 2022


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Third Quarter Rates Increase 5.28%

Property Rates in Coastal Areas Will Rise Post Ian 

The commercial market composite rate for the third quarter 2022 increased 5.28%. Richard Kerr, CEO of MarketScout commented, “We are seeing softening in the D&O/professional sector as additional markets expand available capacity. Cyber rates are still increasing significantly despite additional capacity.” Property rates were up 7.67% in the third quarter of 2022. “Losses from Hurricane Ian will significantly impact rates in Florida and other wind exposed coastal states,” noted Kerr. 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 third quarter 2022 rates by coverage, cyber liability, industry class and account size is set forth below.
By Coverage Class
Commercial Property Up 7.67%
Business Interruption Up 6.3%
BOP Up 5%
Inland Marine Up 4%
General Liability Up 6%
Umbrella/Excess Up 7%
Commercial Auto Up 7.67%
Workers’ Compensation Up 0.3%
Professional Liability Up 5.7%
D&O Liability Up 7%
EPLI Up 4.3%
Fiduciary Up 1%
Crime Up 1%
Surety Up 1%
Cyber Liability
Cyber Up 23%
By Account Size
Small Accounts Up 5.67%
Up to $25,000
Medium Accounts Up 6%
$25,001 – $250,000
Large Accounts Up 6%
$250,001 – $1 million
Jumbo Accounts Up 5.7%
Over $1 million
By Industry Class
Manufacturing Up 5%
Contracting Up 5.3%
Service Up 5.67%
Habitational Up 6%
Public Entity Up 4%
Transportation Up 8%
Energy Up 4%
For detailed rating analysis or market projections by industry class, coverage or account size, contact Vilma Scott at About 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 40 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 from 2012 to 2021. The company has offices in Alabama, Arkansas, Florida, Iowa, Illinois, Nebraska, Pennsylvania, South Carolina, Texas, and Washington, DC. California license #0D60423.