According to recent analysis from MarketScout, in 2023, the transportation industry was assessed as the sector with the largest rate increase at plus 7.26%, as the total rate increase across all industry groups hit 4.56% in the year.
By coverage classification, property and auto rates were up the most in 2023, at plus 9.33% and 7.33%, respectively. Although many states saw rate decreases in workers’ compensation, there was a flat with no rate adjustment on average, says MarketScout.
MarketScout reports that in Q4 2023 rates increased to 5.6%, compared with Q3 2023’s increase of 3.72%.
