New data released by MarketScout, a managing general agent, Lloyd’s coverholder and wholesale broker, shows that composite rate increases for commercial property and casualty rates increased in modest fashion during the first quarter of 2023 at plus 5%.
According to the broker, the only coverages of notable change were general liability which fell from plus 6.7% in Q422 to plus 4.3% in Q123 and EPLI, down from plus 6.3% to plus 3.7%.
Moreover, by account size, rates decreased for all sizes except those with premiums of $250,000 to $1 million which were up in comparison to Q122 from plus 4% to plus 4.7% in Q123.
Rates by industry group reported transportation as the only quarter over quarter rate increase, which was up from plus 7.3% in the fourth quarter of 2022 to plus 8% in in the first quarter of 2023.
Richard Kerr, CEO of Novatae Risk Group, said: “It’s not surprising to see rates holding steady in the first quarter. We will get a better measure of overall composite rates for 2023 in the next two quarters.”
Additionally, in the first quarter of 2023, Small Accounts up to $25,000 were up by 4%, while Medium Accounts between $25,001 – $250,000 were up by 3.7%, and Large Accounts between $250,001 to $1 million were up 4.7% and Jumbo Accounts Over $1 million were up 4%.
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