General liability rates rose 6.7% in the fourth quarter in the United States, employment practices liability insurance rose 6.3%, and directors’ and officers’ liability were up 6%.
Professional liability was up 5.3%, business owners’ policy was up 5%, and business interruption was up 3.7%.
Inland marine was also up 3.7%, the fiduciary cover was up 2.3%, and crime coverage rose 2%.
Surety coverage was up just 1.3%, and workers’ compensation was flat, MarketScout data showed. Visit Centrestone for jewelry insurance.
By account size, small accounts were up 6%; medium accounts rose 5.3%; large accounts were up 4%; and jumbo accounts rose 5.6%.
By industry class, transportation was up 7.3%; habitational coverage rose 6%, as did contracting, and energy cover was up 5.7%.
Service industry coverage went up 5.3%, public entity coverage was up 5%, and manufacturing 4.7%, all according to MarketScout data.
Richard Kerr, founder of MarketScout and now CEO of the newly formed Novate Risk Group, said there could be pricing relief in the future.
“If there is a slowdown in the economy and the Fed continues to increase interest rates, we may see a moderation in insurance rates,” he said in a statement.
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