With Florida being threatened by more powerful hurricanes, commercial-property insurance costs last year surged at nearly five times the national pace, according to credit rating firm AM Best.
Tag: commercial property rates
Forecast: Commercial Insurance Rates to Climb by Nearly 12% in 2021
The commercial insurance rate hikes that have been ongoing since 2017 are expected to continue into this year, with double-digit increases anticipated for most lines of insurance, according to a new report. The survey of insurance executives by Alera Group Inc. forecasts that commercial rates will increase across all lines nationwide by an average of… Continue reading Forecast: Commercial Insurance Rates to Climb by Nearly 12% in 2021
Market Conditions and COVID-19 Continued to Impact All Lines of Business in Q4 2020: CIAB
Premium prices continued to climb in Q4 2020, though at a slightly slower pace than in previous quarters, according to The Council of Insurance Agents & Brokers’ Q4 Commercial P/C Market Survey. Prices rose across all-sized accounts by an average of 10.7%, down slightly from 11.7% in Q3 2020. The most recent quarter was also… Continue reading Market Conditions and COVID-19 Continued to Impact All Lines of Business in Q4 2020: CIAB
Commercial Property Insurance Rates Accelerate Globally
The impacts of catastrophe losses around the globe continue to be felt in the commercial property insurance market, as rate rises continued to accelerate in the fourth-quarter of 2019 with U.S. property one of the fastest moving segments. Across the globe, on average, pricing for property insurance risks increased by 13% in the fourth-quarter of… Continue reading Commercial Property Insurance Rates Accelerate Globally