US Composite Commercial Lines Insurance Rates Up 3.75% for 2024
FOURTH QUARTER RATES MODERATED TO PLUS 2.64%
COMPOSITE RATE TRENDS:
KEY OBSERVATIONS BY RICHARD KERR, CEO OF NOVATAE:
HISTORICAL CONTEXT:
Risk & Insurance Education Alliance conducted pricing surveys used in MarketScout, a division of Novatae Risk Group’s analysis of market conditions. These surveys help to further corroborate MarketScout, a division of Novatae Risk Group’s actual findings, mathematically driven by new and renewal placements across the United States.
The following graphic reflects rate changes in US commercial insurance for the last 23 years.
A summary of the fourth quarter 2024 rates by coverage, cyber liability, industry class and account size are set forth below.
By Coverage Class | |
Commercial Property | Up 3.3% |
Business Interruption | Up 3.3% |
BOP | Up 3.3% |
Inland Marine | Up 3% |
General Liability | Up 3.7% |
Umbrella/Excess | Up 3.7% |
Commercial Auto | Up 6.7% |
Workers’ Compensation | Flat 0% |
Professional Liability | Up 1% |
D&O Liability | Up 1.3% |
EPLI | Up 1% |
Fiduciary | Up 1% |
Crime | Up 1% |
Surety | Up 1% |
Cyber Liability | |||
Cyber | Up 2.7% | ||
By Account Size | |||
Small Accounts | Up 3% | ||
Up to $25,000 | |||
Medium Accounts | Up 2.3% | ||
$25,001 – $250,000 | |||
Large Accounts | Up 2.7% | ||
$250,001 – $1 million | |||
Jumbo Accounts | Up 2.7% | ||
Over $1 million |
By Industry Class | ||
Manufacturing | Up 3% | |
Contracting | Up 3.3% | |
Service | Up 2.7% | |
Habitational | Up 3% | |
Public Entity | Up 2% | |
Transportation | Up 5.3% | |
Energy | Up 2.3% |
About MarketScout, a Division of Novatae Risk Group
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. 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.