Property/casualty insurance rates increase in July: MarketScout
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Commercial property/casualty insurance rates continued to rise in July, increasing 4% on average compared with those of a year earlier, according to a report released Monday by MarketScout.
According to the Dallas-based electronic insurance exchange, commercial property rates registered the greatest increase at 6%, compared with those of July 2011. Commercial automobile rates increased 5%, while rates for workers compensation, general liability and umbrella/excess each increased 4%.
No line of coverage experienced a decrease.
Richard Kerr, CEO of MarketScout, noted in a statement that rates increased for all types of accounts. Small accounts moved “from plus 4% in June to plus 5% in July,” he said. “Jumbo accounts increased one percentage (point) to plus 2%.”
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