Commercial property/casualty insurance rates up 1% over last October
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Commercial property/casualty insurance rates rose 1% in October compared to those of a year earlier, MarketScout reported Wednesday.
Among lines of coverage, commercial automobile posted the largest increase at 3%, according to the Dallas-based electronic insurance exchange. Contracting experienced the largest increase among industry classes with contracting accounts experiencing 3% increases on average.
As has generally been the case in recent years, the smaller the account, the larger the rate of increase, with the smallest accounts reporting 2% rate increases while the largest remained flat.
“As expected, the U.S. composite commercial rate continues its slow slide,” said MarketScout CEO Richard Kerr in a statement. “We are almost completely past hurricane season, so we expect continued pressure on property rates. Workers' compensation rates are also down from last month; however, a few large insurers could be facing some challenges on their comp book. If so, this could moderate the slide in WC premiums."
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