Property/casualty insurance rates increase in July: MarketScout

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%.”