Property/casualty insurance rates rise 1% in November: MarketScout
Reprints
Commercial property/casualty insurance rates in November rose an average of only 1% compared with those of the same month in 2013, MarketScout reported Friday.
While no line of coverage monitored by the Dallas-based electronic insurance exchange posted a decline, surety remained flat compared with a year earlier. Commercial automobile reported the largest increase at 3%.
Among industry classes, manufacturing, habitational and public entity each reported the smallest increases at 1%, while transportation accounts experienced an average 3% increase.
The larger the account, the smaller the increase. The small and medium sized accounts experienced the largest increases at 2% while jumbo accounts reported no increase.
“We still have not measured any line of business that registers a rate decline as compared to the prior year,” said MarketScout CEO Richard Kerr in a statement. “Surety rates and jumbo accounts are flat. Every other measurement is still showing at least a very slight rate increase.”
Read Next
-
Property catastrophe insurance rates to drop at Jan. 1 renewals: Swiss Re
LONDON — Property catastrophe reinsurance rates likely will continue to fall at the upcoming Jan. 1 renewals, but the rate of decrease at subsequent renewals is likely to slow, according to a report by Swiss Re Ltd.
Related Stories
-
Property catastrophe insurance rates to drop at Jan. 1 renewals: Swiss Re
-
Global property/casualty industry outlook stable for start of 2015: Moody's
-
U.S. reinsurer premiums up, combined ratio deteriorates in 9-month period: RAA
