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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
By Account Size
Up to $25,000
$25,001 – $250,000
$250,001 – $1 million
Over $1 million
By Industry Class