"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%."
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
