Commercial insurance rates up 5% in June: MarketScout

Commercial property/casualty insurance rates increased 5% on average for policies that renewed in June, according to a report issued by Dallas-based electronic insurance exchange MarketScout on Friday.

Commercial automobile coverage and workers compensation each experienced rate increases of 6%. Commercial property, general liability, directors and officers liability and employment practices liability insurance each posted increases of 5%. No line reported an increase of less than 2%.

Among industry classes tracked by MarketScout, contracting, service and transportation reported the largest increases at 6% each, while coverage for public entities reported the smallest increase at 2%.

Accounts of all sizes reported increases with the smallest accounts reporting the largest increases at 6% while the largest accounts reported increases of only 2%.

“The market is steady right now,” said MarketScout CEO Richard Kerr in a statement discussing the June results. “There were no big surprises in July 1 treaty renewals and even the impact of Superstorm Sandy seems to have been forgotten by most property insurers.”