According to Richard Kerr, CEO at MarketScout, “Almost all US insurers are assessing rate increases; however, surplus lines insurers are more aggressive as rate increases for the second quarter were up 9 percent. Drilling down even further, cat-exposed surplus lines property accounts averaged rate increases of 12 percent.”
Directors and officers liability rates are moving aggressively upward. "D&O rates were up 9.3 percent in the second quarter. This is a very volatile market. Insureds with claims are seeing rate increases as high as 50 percent,” noted Kerr.
Business interruption rates were up from 4 percent in the first quarter to plus 6 percent in the second quarter, possibly because of the concerns surrounding COVID-19 claims.
By industry group, transportation accounts continue to suffer the largest rate increases at plus 8.3 percent in the second quarter.
The MarketScout Market Barometer tracks rate movement for all industries and coverage classes as well as by the size of the accoun 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.t (measured by premium size).
Source: https://cms.marketscout.com/2020/07/08/barometer-q2-2020/