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Commercial property/casualty insurance rates rose 1% in December: MarketScout

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Commercial property/casualty insurance rates rose 1% in December: MarketScout

Commercial property/casualty insurance rates rose 1% on average in December compared with those of a year earlier, MarketScout reported Thursday.

The Dallas-based electronic insurance exchange said workers compensation experienced the largest increase at 3%, followed by commercial property and general liability with 2% increases.

No line of insurance monitored by MarketScout experienced a decrease, although several, including commercial automobile and fiduciary liability, were flat.

In general, the smaller the account, the larger the increase, with the smallest accounts monitored by MarketScout reporting 2% increases and the largest accounts enjoying flat rates.

“The December composite rate increase further supports our findings that the soft market cycle has ended,” said Richard Kerr, MarketScout CEO, in a statement announcing the results. “There will continue to be micromarkets where rates decline; however, on a composite basis, the trend is clearly toward rate increases.”

MarketScout first reported rate increases in November, when they went up by an average of 1%.

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