Commercial property/casualty rates up 4% in July: MarketScout
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Commercial property/casualty insurance rates increased an average of 4% in July over those of July 2012, Dallas-based electronic insurance exchange MarketScout said Monday.
The 4% average increase for July came after four consecutive months of year-over-year increases of 5%.
Commercial auto, commercial property, general liability and workers compensation all experienced the greatest average increase at 5%. Business interruption, crime and surety reported the smallest increase at 2% for July.
Contracting, service and transportation accounts experienced the greatest increase among classes of business at 5%, while public entity accounts experienced the smallest increase.
“The market is quiet,” MarketScout CEO Richard Kerr said in a statement. “Many underwriters, insurers and brokers are on holiday after securing their July 1 renewals. Without any catastrophic events, it is natural to see the market drift downward. We will have a much better feel for where things are headed once the results are tabulated for September and October.”
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