MarketScout Corporation reports that business insurance rates continue to increase through the second quarter of 2022.
For the third consecutive quarter, Property and Casualty Insurance rates increased approximately 6 percent over the same quarter from the previous year. Notable specific line increases included cyber liability up 21.3 percent, excess umbrella up 8.7 percent, and commercial property up 8.3 percent. Inflation is cited as the most likely reason for premium increases and MarketScout states rates could continue rising the next four quarters.
Clients looking to renew or place new business should move quickly. A broker can assist them to evaluate the most cost effective coverage options to meet their risk profile.
For more information, contact Sr. Engineer Reynolds Renshaw.