Property/casualty insurance rates rise 1% in November: MarketScout

Commercial property/casualty insurance rates in November rose an average of only 1% compared with those of the same month in 2013, MarketScout reported Friday.

While no line of coverage monitored by the Dallas-based electronic insurance exchange posted a decline, surety remained flat compared with a year earlier. Commercial automobile reported the largest increase at 3%.

Among industry classes, manufacturing, habitational and public entity each reported the smallest increases at 1%, while transportation accounts experienced an average 3% increase.

The larger the account, the smaller the increase. The small and medium sized accounts experienced the largest increases at 2% while jumbo accounts reported no increase.

“We still have not measured any line of business that registers a rate decline as compared to the prior year,” said MarketScout CEO Richard Kerr in a statement. “Surety rates and jumbo accounts are flat. Every other measurement is still showing at least a very slight rate increase.”