Report: Commercial insurance price hikes to continue in most lines

Commercial insurance rates will continue to rise mainly in the single and low double digits across major commercial insurance lines, with some isolated declines, according to a report from Risk Strategies Inc. 

Casualty general liability rates are expected to rise 1% to 10%, with umbrella casualty pegged in the same range. 

Commercial property exposure of good quality with no catastrophe exposure are expected to see hikes of some 10%, while less favorable or catastrophe-exposed property could see increases as high as 50% or more. 

Cyber rates are forecast to rise 10% to 15% while aviation may see increases from 5% to 25%, according to the report. After several years of soaring and uneven rates, the cannabis sector is set to see increases of 5% to 15%, except in directors and officers cover, which is seen as flat or even down 10%. 

Management liability, meanwhile, is expected to see rate declines of 5% to 15% for private companies and 5% to 25% at public companies for primary cover; and declines of 10% to 30% for both private and public companies. 

The transportation sector stands out as expecting some of the largest increases, up 20% to 25% in auto liability; up 20% to 25% for physical damage; and jumps of 25% to 100% in transportation excess liability. 

The report added that areas of volatility such as inflation and rising interest rates are leading to uncertainty about future prices.