Property/casualty insurance rates up 4% in February: MarketScout
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Commercial property/casualty insurance rates rose an average of 4% in February compared with a year earlier, according to an analysis that Dallas-based electronic insurance exchange MarketScout released Tuesday.
Commercial property accounts experienced the greatest increase at 6%, followed by commercial automobile and umbrella/excess coverage at 5%. Surety coverage had the smallest increase at 1%.
Generally speaking, the larger the account, the smaller the percentage increase, MarketScout said. The largest accounts experienced 2% rate hikes, while the smallest reported 6% increases.
Among industry sectors, manufacturing, service and habitational accounts had the largest increases at 6% each, while public entities reported the smallest increases at 2%.
“Over the last year, transportation and energy have led rate increases most of the time,” MarketScout CEO Richard Kerr said in a statement. “However, for February, transportation was up 4% and energy was up 3%. The only industry with a lesser rate increase was public entities.”
