Filed Under:Agent Broker, Coverage Issues

The Gradual Incline: MarketScout Composite Rate Up 2% in February

NU Online News Service, March 6, 9:27 a.m. EST

Commercial property and workers’ compensation continue to lead rate increases in MarketScout’s latest survey on market conditions.

The Dallas-based insurance distribution and underwriting company reports a 2 percent increase in the U.S. composite commercial rate index for February.

All coverage classes the survey tracks were up, except for fiduciary and surety, which were flat.

Commercial property and workers’ comp led the way with rate increases of plus 3 percent each in February, according to MarketScout.

The results follow 1 percent increases in the composite rate index during November, December and January.

Until the recent uptick, rates had been down since March 2005. During this time, rates fell to an all-time low of minus 16 percent in December 2007—the lowest decrease since MarketScout began the pricing survey to analyze market conditions in July 2001.

The company “continued to see evidence of a slowly turning market,” says Richard Kerr, chief executive officer of MarketScout, in a statement.

By coverage, business owners, general liability, and umbrella and excess were each up 2 percent. Business interruption, inland marine, commercial auto, professional liability, directors and officers liability, and employment practices liability were each up 1 percent.

By class, news pointed to continued upward momentum. While rates remained unchanged at up 2 percent on a month-to-month basis for medium size accounts, small and large accounts were up 2 percent from 1 percent in January and jumbo accounts were up 1 percent from being flat the prior month.

NAPSLO 2016

 

Featured Video

Most Recent Videos

Video Library ››

Top Story

N.J. commuter train crashes into Hoboken station causing death, destruction

A commuter train crashed into one of the busiest train stations in the New York City area during the morning rush on Thursday, killing at least one person and sending at least 74 to area hospitals.

Top Story

A look at fall's most common road hazards, region by region

Based on comprehensive claims data from Farmers, here's what's most likely to cause an auto accident in your area right now.

More Resources

Comments

eNewsletter Sign Up

Agent & Broker Insider eNewsletter

Proven success tips and essential information to help agents and brokers grow their practice – FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.