Overall commercial insurance rates up 1.5% in September: MarketScout
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Commercial insurance rates in the U.S. rose 1.5% in September on a composite basis, Dallas-based broker and underwriter MarketScout said in a statement Monday.
Leading the way on rate increases were contractors, who paid an average of 4% more than last year, followed by the transportation sector, which was up 3%, according to MarketScout.
Small accounts up to $25,000 were up the most at 3%, followed by medium accounts, $25,001-$250,000 at 2%, large accounts, $250,000-$1 million at 1%, while jumbo accounts over $1 million did not see rate increases, said MarketScout.
Some lines of coverage, including commercial property and workers' compensation, were up 2% while others including inland marine and business interruption were up 1%
“Rates clearly continue to drift downward,” Richard Kerr, CEO of MarketScout, said in the statement.
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