Here are highlights from our 2021 predictions:
Property rate increases are still worsening; for non-challenged occupancies, the predictions for 2021 are +15% to +25%, up from 10% to +20% in the spring.
General liability predictions jumped to +7.5% to +15% from +2.5% to +7.5%, more than doubling.
Umbrella/excess predictions are even more eye-popping than in spring: the lowest expected increases are now 30% (for low/moderate hazard umbrella); and the highest remain at a staggering 150% (for high hazard excess).
Workers compensation, a long-time place of possible respite from rate hikes, is still better, but no decreases are expected.
Forecasted auto rate increases rose to a range of +8% to +15% from +6% to +12%.
All categories of D&O are forecast to go up double digits, some by as much as 70%.
Cyber insurance rate hikes are anticipated at +10% to +30%, up from +10% to +15% earlier this year.