The average composite rate for commercial property/casualty insurance in the U.S. was up five percent for May 2013. This marks the third month in a row for a five percent increase, according to MarketScout’s analysis.
By coverage classification, business owners policies (BOP) and crime and fiduciary were down slightly from April.
Directors and officers (D&O), general liability and employment practices liability insurance (EPLI) policies all experienced higher rates compared to last month.
Dallas-based MarketScout said medium-sized accounts ($25,001 to $250,000) increased in premium in May compared to April as did large accounts ($250,001 to $1,000,000).
By industry classification, manufacturing and public entities measured a small premium decrease from the prior month. Premiums for transportation accounts went up.
According to Richard Kerr, CEO of MarketScout, this month’s results continue the steady trend of rate increases in commercial lines.
“There is ample capacity but underwriters continue to increase rates as appropriate,” he said.
The National Alliance for Insurance Education and Research conducted pricing surveys that MarketScout uses to corroborate its findings. MarketScout is an insurance distribution and underwriting company.
MarketScout’s summaries of the May 2013 rates by coverage, account size and class:
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