Commercial property/casualty rates rise 5% in August: MarketScout
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Commercial property/casualty insurance rates rose an average of 5% in August, MarketScout reported Wednesday.
The Dallas-based electronic insurance exchange found that commercial property rates increased the most at 7%.
“Property rates continue to increase across the nation, with larger increases in wind-exposed areas on the Gulf Coast and Eastern Seaboard,” said Richard Kerr, CEO of MarketScout, in a statement. “This is normal during hurricane season.”
General liability and workers compensation followed with rate hikes of 6% each. No lines of coverage experienced rate declines.
In general, the smaller the account, the larger the percentage increase, with the smallest accounts reporting rate increases of 5% and the largest accounts experiencing increases of 3%.
Among industry classes, manufacturing and contracting sustained the largest increases at 6% each, while public entities reported the smallest at 4%.
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