Property/casualty insurance rates up 2% in June: MarketScout

Commercial property/casualty insurance rates increased an average of 2% in June, MarketScout said Monday.

According to the Dallas-based electronic insurance exchange, business owners, commercial automobile, commercial property and general liability policies experienced the greatest rate increases at 3% each; professional liability experienced a 2% increase; and all other lines monitored by MarketScout reported 1% increases.

Among industry classes, transportation and contracting accounts reported the highest increases at 3%, while public entities reported the smallest at 1%.

As has generally been the case recently, the smaller the account, the greater the rate of increase, as small and midsize accounts reported a 3% increase while the largest accounts reported no increase.

“The commercial market continues to adjust downward as a result of improved underwriting results and an abundance of capacity,” MarketScout CEO Richard Kerr said in a statement. “In the aggregate, rates are still up slightly, but the trend for rate moderation continues.”