Personal Lines Insurance Premiums Increase
July 3, 2024
US Property and Casualty Rates Increase Slightly in Second Quarter
Insurers confident in their pricing strategy
The composite rate for US property and casualty insurance increased slightly from 3.9% in the first quarter to 4.36% in the second quarter of 2024.
“Insurers are comfortable with their pricing, and as a result, there was no significant movement in rates for any coverage or industry group,” said Richard Kerr, CEO of Novatae Risk Group. “We are at the beginning of hurricane and wildfire season, so property rates could change based on these potentially catastrophic events. But for now, all is steady,” added 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 second quarter 2024 rates by coverage, cyber liability, industry class and account size is set forth below.
| By Coverage Class | |
| Commercial Property | Up 7% |
| Business Interruption | Up 5% |
| BOP | Up 5% |
| Inland Marine | Up 4.7% |
| General Liability | Up 4.7% |
| Umbrella/Excess | Up 4.7% |
| Commercial Auto | Up 8% |
| Workers’ Compensation | Flat 0% |
| Professional Liability | Up 3.7% |
| D&O Liability | Up 3.3% |
| EPLI | Up 1.7% |
| Fiduciary | Up 1.3% |
| Crime | Up 1.3% |
| Surety | Up 1% |
| Cyber Liability | |
| Cyber | Up 6.7% |
| By Account Size | |
| Small Accounts - Up to $25,000 | Up 5.7% |
| Medium Accounts - $25,001 – $250,000 | Up 5.3% |
| Large Accounts - $250,001 – $1 million | Up 4.3% |
| Jumbo Accounts - Over $1 million | Up 4.3% |
| By Industry Class | |
| Manufacturing | Up 4.3% |
| Contracting | Up 5% |
| Service | Up 5.7% |
| Habitational | Up 6% |
| Public Entity | Up 2% |
| Transportation | Up 7.3% |
| Energy | Up 2% |
For detailed rating analysis or market projections by industry class, coverage or account size, contact Vilma Scott at vscott@marketscout.com.
About MarketScout, a Division of Novatae Risk Group
Founded in 2000, MarketScout, a Division of Novatae Risk Group, 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. California license #0D60423.