Survey: Commercial Insurance Rates to Continue Rising in 2021
The commercial insurance rate hikes that have been ongoing since 2017 are expected to continue into 2021 with double-digit increases 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 11.6% this year. While the rate hike percentages will certainly vary from state to state, it predicts that workers' compensation will see the lowest rate average rate increase of 4.7%, while the highest is forecast to be for medical malpractice insurance at 17.5%. The rate increases continue…