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Insurance rates fall for large accounts

Insurance rates fall for large accounts

Commercial property/casualty insurance rates were flat on average in May but large account policyholders saw decreases, MarketScout reported Friday.

The Dallas-based electronic insurance exchange found that only commercial property, businessowners' policies and commercial automobile rates rose compared with the same period last year, the first two by 1% and commercial auto by 2%.

The largest accounts — those generating over $1 million in premium — saw an average rate decrease of 2% while accounts generating up to $250,000 in premium sustained an average rate increase of 1%.

“A lot of business renewed in May 2015,” said MarketScout CEO Richard Kerr in a statement. “Overall, rates largely continue in a holding pattern. It seems both insureds and insurers are content to move forward with little to no changes. The only notable exception is transportation where the auto portion of these accounts is driving an average 2% increase.”

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