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Commercial Rates Up 5% For January

Commercial insurance rates across the United States increased 5 percent on a composite basis. Transportation and manufacturing risks lead the rate increases at plus 6 percent. Small accounts continue to pay a higher rate than larger accounts...

Commercial insurance rates across the United States increased 5 percent on a composite basis. Transportation and manufacturing risks lead the rate increases at plus 6 percent. Small accounts continue to pay a higher rate than larger accounts.

“The commercial market is continuing its slow but steady upward trajectory in rates and premiums,” noted Richard Kerr, CEO of MarketScout. “Couple this with slight increases in exposures and the overall premium written on an expiring account is frequently up 8 to 9 percent.”

The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions. These surveys help to further corroborate MarketScout's actual findings, mathematically driven by new and renewal placements across the United States.

A summary of the January 2013 rates by coverage, industry class and account size is set forth below.

By Coverage Class

Commercial Property

Up 6%

Business Interruption

Up 3%

BOP

Up 5%

Inland Marine

Up 3%

General Liability

Up 6%

Umbrella/Excess

Social Security: The Black Box Edition.

Up 3%

Commercial Auto

Up 5%

Workers’ Compensation

Up 4%

Professional Liability

Up 4%

D&O Liability

Up 4%

EPLI

Up 3%

Fiduciary

Up 2%

Crime

Up 2%

Surety

Up 1%

By Account Size

Small Accounts

Social Security: The Black Box Edition.

Up 6%

Up to $25,000

Medium Accounts

Up 5%

$25,001 – $250,000

Large Accounts

Up 4%

$250,001 – $1 million

Jumbo Accounts

Up 2%

Over $1 million

By Industry Class

Manufacturing

Social Security: The Black Box Edition.

Up 6%

Contracting

Up 5%

Service

Up 5%

Habitational

Up 5%

Public Entity

Up 4%

Transportation

Up 6%

Energy

Up 4%

 
 
For more detailed rating analysis or market projections by industry class, coverage or account size, contact Vilma Scott at vscott@marketscout.com.
 

About MarketScout

The Commercial and Personal Lines Market Barometers are compiled by MarketScout, an insurance distribution and underwriting company headquartered in Dallas. The firm owns and operates the MarketScout Exchange at marketscout.comas well as over 40 other online and traditional underwriting and distribution venues. MarketScout founded the Entrepreneurial Insurance Alliance(EIA) in 2009. In 2010, MarketScout launched MarketScout Wholesale, LLC (MSW), to complement its electronic underwriting and distribution strategy. In 2012, MarketScout founded the Council for Insuring Private Clients. MarketScout and MSW have offices in Arizona, Arkansas, California, Connecticut, Florida, Indiana, Illinois, Louisiana, New York, Oregon, Tennessee, Texas and Washington, D.C.


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