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After several months of no movement, commercial property/casualty insurance rates on average inched up 1% in July compared with those of the same month a year earlier, according to Dallas-based electronic insurance exchange MarketScout.
“The property market often tightens a bit on the cusp of wind season, but we also noted slight increases on other lines of coverage as well,” MarketScout CEO Richard Kerr said Wednesday in a statement announcing the July results.
Among individual lines of coverage, commercial property and commercial automobile registered the greatest increase at 2%, while crime, fiduciary, inland marine and surety remained flat.
Transportation accounts posted the highest increase – 2% – among the industry classes tracked by MarketScout, while manufacturing, public entity and service accounts remained flat in July.
As usually has been the case, the larger the account, the smaller the increase. The largest accounts tracked by MarketScout experienced an average rate decrease of 2%, while the smallest sustained a 2% average increase.
Commercial property/casualty insurance rates were flat on average in May but large account policyholders saw decreases, MarketScout reported Friday.