Commercial property/casualty insurance rates rose an average of only 1.5% in July over those of a year earlier, Dallas-based electronic insurance exchange MarketScout reported Tuesday.
Among lines of coverage tracked by MarketScout, commercial automobile and businessowners policies reported the largest increases at 3%. Commercial property, general liability, umbrella/excess and professional liability coverages averaged increases of 2%, while all other lines increased by only 1%.
Transportation and contracting accounts reported the largest increases at 3%, while public entity accounts recorded the smallest at 1%.
As typically has been the case in the past, the smaller the account, the larger the increase, with the smallest accounts reporting 3% increases and the largest reporting no increase at all on average.