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 3 percent each for the month.

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 biggest drop since MarketScout began the pricing survey to analyze market conditions in July 2001.

The company “continues to see evidence of a slowly turning market,” MarketScout CEO Richard Kerr says in a statement.

By coverage, Businessowners', 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.

Rates were up 2 percent on a month-to-month basis for medium-size accounts, the same increase as last month. 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.

Special Reports /

MarketScout Composite Rate Inches Up 2% in February

Related Stories

Recommended For You