Property/casualty insurance rates up 5% in May: MarketScout
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Average U.S. property/casualty insurance rates rose 5% in May, with small and midsize accounts seeing the biggest increases, Dallas-based electronic insurance exchange MarketScout said Wednesday.
Commercial property, general liability and workers compensation lines saw the highest rate hikes last month, each at 6% year-over-year, according to MarketScout's Market Barometer report. Commercial auto and umbrella/excess lines increased by 5% in May.
Average property/casualty rates for accounts up to $250,000 in premium increased by 5%, while large accounts of up to $1 million increased by 4% in May, MarketScout said. Jumbo accounts of more than $1 million saw rates increase by 3%.
“The commercial P&C market in the U.S. is continuing its steady trend of rate increases," MarketScout CEO Richard Kerr said in a statement. "There is ample capacity but underwriters continue to increase rates as appropriate.”
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