MarketScout has promulgated rates for the November 2013 commercial insurance market barometer. The composite rate held steady at plus 4 percent, matching the rates for October 2013. Richard Kerr, CEO of MarketScout noted, “The market is still on an upward trajectory but rate increases are slowing. The only rate increases by coverage classification were small commercial policies (BOP) and general liability coverages which both increased from plus 3 percent to plus 4 percent. The general liability increase was possibly an adjustment from the unusually large percentage rate reduction in October. By industry, manufacturing rates moved up from plus 4 percent to plus 5 percent. Jumbo accounts (over $1,000,000 premium) were up from plus 2 percent to plus 3 percent.”
Rates moderated by 1 percent in November for umbrella liability, automobile, and crime coverages. By account size, medium accounts were down from plus 5 percent to plus 4 percent. Transportation accounts paid an average plus 4 percent in November as compared to plus 5 percent in October.
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 November 2013 rates by coverage, industry class and account size is set forth below.
By Coverage Class
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 2012, MarketScout founded the Council for Insuring Private Clients(CIPC). MarketScout has offices in California, Connecticut, Florida, Illinois, Indiana, New Jersey, Texas and Washington, D.C.