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Commercial insurance rates slide in February

Commercial insurance rates slide in February

Commercial property/casualty insurance rates dropped an average 4% in February compared with the same month a year earlier, MarketScout said Friday.

The Dallas-based electronic insurance exchange said no line of coverage that it tracks experienced a rate increase.

In terms of coverage lines, commercial property registered the largest decrease, at 5%.

All other lines were lower, except employment practices liability and crime insurance, which were flat, MarketScout said.

All industry classes fell, with habitational accounts seeing the biggest decline at 6% and manufacturing following closely with a 5% decrease.

In addition, accounts of all sizes reported decreases, with “jumbo” largest and small accounts reporting 4% declines, while large and medium accounts decreased 5%.