After four months of going up at 5 percent, commercial property/casualty insurance rates have moderated. The July 2013 rate increase was plus 4 percent, according to MarketScout’s market index.
Rate increases for commercial auto, workers’ compensation, directors and officers, and employment practices liability in the United States all moderated by 1 percent. Fiduciary rates were up slightly from plus 2 percent to plus 3 percent.
Large account ($250,001 to $1 million premium) rate increases moderated from plus 4 percent to plus 3 percent.
By industry classification, every industry group except for public entity business moderated by 1 percent.
“We will have a much better feel for where things are headed once the results are tabulated for September and October,” said MarketScout CEO Richard Kerr.
The National Alliance for Insurance Education and Research conducts the pricing surveys used in MarketScout’s analysis of market conditions.
Topics Trends Commercial Lines Business Insurance Pricing Trends
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