Rates for commercial insurance drop 1%: MarketScout
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Commercial insurance rates declined an average of 1% during September, Dallas-based MarketScout said Tuesday.
Commercial property coverage declined 1% in September, but commercial auto increased 2%, according to the insurance distributor and underwriter that also owns an electronic insurance exchange.
Small accounts, defined by MarketScout as up to $25,000, and medium-size accounts up to $250,000 were flat in September as they were in August, MarketScout said in a statement.
Large accounts up to $1 million were down 1 % in September versus flat in August, MarketScout said.
Jumbo accounts greater than $1 million declined 4% in September compared with a 3% drop in August.
Rates declined 1% for all industry groups, except transportation, which increased 2%, and manufacturing, which was flat.
For the rest of this year, “we expect pricing on most lines to be adjusted downward with a few exceptions such as commercial automobile/transportation risks and accounts with poor loss experience or other underwriting concerns,” MarketScout CEO Richard Kerr said in the statement.
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