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The U.S. commercial market continues to moderate. The composite rate for February 2014 was plus 2 percent as compared to plus 3 percent in January 2014.
“Today, more so than any time in recent history, the US insurance market has attracted the attention of some very smart people with access to serious capital,” noted Richard Kerr, CEO of MarketScout. “If the money guys connect with insurance pros and decide to proceed with implementing even one-third of the plans under consideration, absent a catastrophic event, we predict the US commercial market will continue to moderate and rates will ultimately start to decrease towards the later part of 2014.”
By coverage class, commercial property placements were up from plus 2 percent to plus 3 percent, as compared to the prior month. Business owners policies (BOP) were up from plus 3 percent to plus 4 percent. Umbrella, workers’ compensation, and general liability were all down 1 percent in February 2014 as compared to the prior month. By account size, small and medium accounts were down by 1 percent. By industry class, manufacturing, contracting, service and energy accounts were down an additional 1 percent as compared to the results in January 2014.
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 February 2014 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
For detailed rating analysis or market projections by industry class, coverage or account size, contact Vilma Scott at [email protected].
MarketScout, an insurance distribution and underwriting company headquartered in Dallas, compiles the Commercial and Personal Lines Market Barometers. The firm owns and operates the MarketScout Exchange at marketscout.com as 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 Dallas, California, Connecticut, Florida, Illinois, Indiana, Michigan, Nebraska, New Jersey, Texas and Washington, D.C.