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Commercial property/casualty insurance rates increased an average of 1% in January, matching increases posted for December 2011, MarketScout reported Monday.
“The 1% composite increase in January matched the increase for
December," 2011, MarketScout CEO Richard Kerr said in a statement. “Workers compensation and catastrophe-exposed property continued to exhibit the largest increases with upward adjustments of plus 2%.”
While workers comp and catastrophe-exposed property coverage showed increases, several lines, including inland marine, professional liability and fiduciary, were flat.
Other lines of insurance, including business interruption, general liability and business owners policies, were up 2% in January, according to the statement.
In general, medium-size accounts—those with premiums ranging from $25,001 to $250,000—had average increases of 2%. Small accounts and large accounts increased an average of 1%. However, premiums for jumbo accounts, those of $1 million or more, were flat, according to MarketScout.