Login Register Subscribe
Current Issue

Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Commercial insurance rates fall 2% in October

Reprints

The composite rate for commercial insurance business was down 2% from September to October, which marks the first time this year rates were down compared with the previous month, according to a report issued Friday by MarketScout.

Rates for June, July, August and September were down 1%, the Dallas-based electronic insurance exchange said.  

MarketScout CEO Richard Kerr said in a statement, “The composite rate includes all lines of commercial business. Insureds and brokers should carefully examine the rates for coverage and/or industry classifications that are germane to their placements.”

Based on coverage class, commercial property and general liability rates were down 2% from September to October, while business owners policies, inland marine, umbrella/excess and workers compensation lines were down 1%, according to the report.

Flat rates were reported for business interruption, directors & officers liability, fiduciary and surety lines last month. There were 1% increases for employment practices liability and crime, and a 2% increase for commercial auto, MarketScout said.

There were uneven results based on account size. Rates for small accounts of up to $25,000 in premium were down 1% from September to October; medium accounts of $25,001 to $250,000 were down 2%; large accounts of $250,000 to $1 million were down 1% and jumbo accounts of more than $1 million were down 2%.

By industry class, rates for contracting and service firms were down 2% from September to October; manufacturing, habitational and energy firms were down 1%; public entities were flat and transportation firms were up by 3%, according to the report.