What to Expect: Commercial Insurance Rates in 2023

Unfortunately, rates rose in 2022 almost across the board. According to Insurance Journal, inflation and weather-related issues contributed to an 8.1% increase in commercial premiums through Q3 2022. The good news is that as independent agents, my team can shop the market to find the best rates available to your company.

With that noted, here is a breakdown of the increases by coverage and what you can expect to see in 2023.

Auto Insurance: Up 7.6% through Q3 2022

Auto insurance premiums continued their upward trajectory in 2022 due to increased loss caused by distracted driving and higher costs for repairs involving new technologies like cameras and sensors. A similar increase of around 10% is expected for auto in 2023.

Commercial Property Insurance: Up 11.2% through Q3 2022

Properties at risk of wildfires and wind- or water-related disasters will continue to experience rate increases as the industry recovers from natural disasters like Hurricane Ian, where damage estimates reached as high as $65 billion. As a result, flood insurance premiums are expected to rise by 25% or more

Additionally, insurers may require higher replacement cost values in 2023 due to increased construction costs and inflation.


I hope you found this information helpful. While no one knows for sure what the year holds, we’re here to help you find the best coverage for your needs and budget, leveraging our statusas independent agents to shop the market on behalf of your company.

If you have any questions or concerns or would like a complimentary review of your coverage, please don’t hesitate to reach out. That’s why we’re here. 

Request Your Proposal Here

Are you ready to save time, aggravation, and money? The team at Mosaic Insurance Group is here and ready to make the process as painless as possible. We look forward to meeting you!

Call Email Claims Payments