"This year, we predict that good property accounts may see rate increases of 5%-10%, with general liability rate increases of 7.5%-10%," John Welty, president of Suitelife Underwriting Managers, tells PropertyCasualty360.com. "On the other hand, a less attractive account could see rates increase anywhere from 10%-30%." (Pierre Hotel in New York City. Credit: EQRoy/Shutterstock.com)
Although commercial property rates saw double-digit increases this past year, moderation of rate growth is on the horizon in 2022 for hotels, resorts and companies that manage these businesses, according to John Welty, president of Suitelife Underwriting Managers.
"This year, we predict that good property accounts may see rate increases of 5%-10%, with general liability rate increases of 7.5%-10%," he tells PropertyCasualty360.com. "On the other hand, a less attractive account could see rates increase anywhere from 10%-30%."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
