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
By Account Size
Up to $25,000
$25,001 – $250,000
$250,001 – $1 million
Over $1 million
By Industry Class
For detailed rating analysis or market projections by industry class, coverage or account size, contact Vilma Scott at firstname.lastname@example.org.
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.