Property/casualty insurance rates up 5% in November: MarketScout
Reprints
Commercial property/casualty insurance rates rose 5% in November compared with those in the same month in 2011, Dallas-based electronic insurance exchange MarketScout reported Wednesday.
Commercial property, excess liability, general liability and workers compensation rates all increased by 5%. Surety increased the least, registering a 1% increase.
Among industry classes, manufacturing and transportation increased the most with rates rising 6%. Public entities reported the smallest increase at 4%.
“The manufacturing rate increase was surprising,” said MarketScout CEO Richard Kerr in a statement announcing the November report. “Normally, manufacturing is a very stable industry class absent quick pricing changes. Going from plus 4% (the rate of increase in October) to plus 6% was unusual.
“As for transportation, the trucking segment of this industry class is what is really driving the rate increases for the class at plus 6%. The losses suffered by the trucking market have been considerable over the last several years. We expect further rate increases for trucking exposures.”
