Businesses across the United States were assessed an average composite insurance rate increase of 5% in the second quarter of 2023.
“While the composite rate held steady in the second quarter, there was some movement in various lines of insurance,” said Richard Kerr, CEO of MarketScout and Novatae Risk Group. “Property, business interruption, general liability and umbrella/excess rates increased, while most other coverage classifications softened a bit.”
When measured by account size, rates increased very slightly in all size categories.
By industry classification, transportation continued to be assessed with the largest rate increase at 7.3%.
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 2023 rates by coverage, cyber liability, industry class and account size is set forth below.
| By Coverage Class | |
| Commercial Property | Up 10.7% |
| Business Interruption | Up 6% |
| BOP | Up 3.2% |
| Inland Marine | Up 5% |
| General Liability | Up 7% |