Commercial property/casualty insurance rates up 5% in September: MarketScout
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Commercial property/casualty insurance rates rose 5% in September, MarketScout reported last week.
Commercial property rates adjusted down from a 7% increase in August to a 6% increase in September, the Dallas-based electronic insurance exchange said in a Friday report.
MarketScout found that general liability and workers compensation insurance rates also saw a 6% increase each. No lines of coverage experienced rate declines.
In general, small and middle-market companies paid more at an average rate increase of 6% in September, MarketScout said in a statement.
Large accounts paid an increase of 3% to 4%.
“The more premium a buyer pays, the more competitive the rates,” said Richard Kerr, CEO of MarketScout, in the statement.
Among industry classes, habitational and manufacturing sustained the largest increases at 6% and 5%, respectively. Public entities reported the smallest at 4%.
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