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Property/casualty insurance rates rise 3% in January: MarketScout

Property/casualty insurance rates rise 3% in January: MarketScout

Commercial property/casualty insurance rates increased an average of 3% in January over those of a year earlier, MarketScout reported Wednesday.

The commercial automobile and workers compensation sectors reported the largest increases at 4%, according to the Dallas-based electronic insurance exchange.

But five lines of coverage — crime, employment practices liability, fiduciary, inland marine and surety — reported increases of only 1%.

Generally speaking, the larger the account, the smaller the increase. The largest accounts reported increases of only 1%, while the smallest reported increases of 4%, MarketScout said.

“Additional capacity, insurance-linked securities and a more stable economic environment (despite recent stock market adjustments) are partly responsible for the moderating rate environment,” MarketScout said in a statement.