Commercial Insurance Rates Up 5% Again in June: MarketScout

July 8, 2013

Increases for commercial property/casualty insurance rates in the United States were again about 5 percent during June, the fourth straight month at that pace.

According to the latest composite index from MarketScout, all coverages, industry groups and account sizes held within a plus 1 to minus 1 percent range compared to last month.

By coverage classification, commercial auto had the highest rate increases at plus 6 percent. Property, general liability, directors and officers and employment practices liability (EPLI) followed at plus 5 percent. EPLI has made the most significant upward rate adjustment in the last four months.

Small accounts (under $25,000 premium) were assessed the largest rate increases at plus 6 percent. Jumbo accounts (those over $1,000,000 premium) enjoyed the best composite rates at plus 2 percent.

Contracting and service segments were the largest increases by industry class at plus 6 percent.

“The market is steady right now,” said MarketScout CEO Richard Kerr in a statement accompanying the report. “There were no big surprises in July 1 treaty renewals and even the impact of Superstorm Sandy seems to have been forgotten by most property insurers.”

The National Alliance for Insurance Education and Research conducts the pricing surveys that are used in MarketScout’s analysis.

A summary of the June 2013 rates by coverage, industry class and account size is set forth below.

MarketScout June 2013 Coverage ClassMarketScout June 2103 Account SizeMarketScout June 2013 Industry Class

Subscribe Insurance news headlines delivered to your email.
Get a free subscription to our popular email newsletter.

Latest Comments

  • November 4, 2013 at 12:32 am
    LJ says:
    Dave---AIG paid off the government in December of 2012 with a $20B plus profit back to the US. May want to fact check your taxpayer bailout quote.
  • July 8, 2013 at 2:34 pm
    Dave says:
    @ Baxtor, This might still include Sentry as even if their pricing is 30-50% below "market" rates, they can still be 5% above their expiring rates. The same could be said of A... read more
  • July 8, 2013 at 2:02 pm
    Former Sentry Account Exe. says:
    Baxter- What side of Sentry are you seeing these rates, their Dealer Operations side, i.e. car dealers, garages, or their Business Products side, i.e Food Processing, electric... read more
See all comments

Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features