Property and casualty rates were up in the fourth quarter of 2021, according to a report from insurance distribution and underwriting company MarketScout.
The Q4 composite rate was up 5.8% after rising 6.8% in the third quarter, MarketScout reported.
By line of coverage, the largest Q4 rate increases were for umbrella, property and directors and officers liability. However, every line of coverage except business owners’ policy had the same or a smaller increase in Q4 compared to the third quarter.
Rates moderated for medium-sized accounts ($25,000 premium to $250,000 premium), moderating +5.3% in the fourth quarter, compared to +7.3% in the third quarter, MarketScout reported.
All industry classifications saw lower rate increases in Q4, with habitational rates moderating the most with a 7% increase, compared to a 9% hike in the third quarter.
“The fourth quarter 2021 reflects moderation in rate increases,” said MarketScout CEO Richard Kerr. “However, when comparing rates for the entirety of 2021, rates did increase from +5.6% in 2020 to +6.6% in 2021.”