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Commercial insurance prices rose an average of 5% in the fourth quarter of 2012, according to the Council of Insurance Agents & Brokers' Commercial P/C Market Index released Tuesday.
Generally, the smaller the account the larger the increase, with small accounts sustaining 5.5% increases, while large accounts experienced average increases of 4.4%.
“I think you can characterize the fourth quarter as more of the same,” said Ken Crerar, president and CEO of the Washington-based council, in a statement. “Carriers were still cautious about the risks they were putting on their books and pushed for price increases where they could get them.”
COLORADO SPRINGS, Colo. — Commercial insurance rates are increasing and likely will continue to increase, but it's still not a hard market, a panel of insurance executives said.