General liability and excess umbrella commercial insurance rates increased again during mid-year renewals, but policyholders generally saw smaller price hikes than a year ago, insurance industry sources said.
Capacity is available and can be costly but new capital entering the market can help blunt rate increases.
“We had a lot less of an increase than we anticipated. We were still in double digits from a general liability and umbrella and excess standpoint, but we were anticipating 40% to 50% and ended up with about 10% to 15%,” said Penni Chambers, vice president of risk management for Hillwood Development Co. LLC in Dallas.
On average, policyholders did not see increases as high as those in 2020 or 2019, said Douglas O’Brien, national practice division manager for casualty and alternative risk in New York for USI Insurance Services LLC. “I do see a thawing,” he said.
While some policyholders are still seeing