U.S. commercial property/casualty insurance rates rose an average of 3% in March over those of the prior-year period, MarketScout reported Friday.
Workers compensation, commercial automobile and business owners coverage saw the biggest rate increases at 4%, while crime, fiduciary, inland marine and surety reported the smallest increase at 1%, according to the Dallas-based electronic insurance exchange.
Among industry classes, contracting and transportation accounts had the highest rate of increase at 4%, while energy and public entity accounts enjoyed the lowest at 2%.
“Insurers target a specific (return on equity),” said MarketScout CEO Richard Kerr in a statement accompanying the report. “Despite improving margins, insurers are still not meeting their profit targets, thus the continued marginal increases.”