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Member, Beacon International Group, Ltd.
Commercial property/casualty insurance rates increased an average 4% in August over those of a year earlier, Dallas-based electronic insurance exchange MarketScout said Thursday.
That matched the year-over-year rate increase reported in July according to MarketScout.
General liability rates experienced the largest increase at 6%. Commercial property and workers compensation increased 5% on average. Surety registered the lowest rate of increase at 1%.
The rates for manufacturing, contracting and service accounts increased 5% while public entity accounts increased just 1%.
“With no wind, no quake and no big cat exposures looming, insurers are happy to sit tight and hold the status quo,” MarketScout CEO Richard Kerr said in a statement. “August is often a slow month with few significant renewals, so it is not unusual to see a static market.”