Filed Under:Markets, Commercial Lines

Commercial Rates Up 4% in February; New Industry Classes Leading the Way

Commercial-insurance rates were up by 4 percent in February compared to the same month a year ago, but different industry classes led the charge on increases compared to months prior, according to MarketScout.

Richard Kerr, CEO of MarketScout, says, “Over the last year, transportation and energy have lead rate increases most of the time. However, for February, transportation was up 4 percent and energy was up 3 percent. The only industry with a lesser rate increase was public entities. Manufacturing, service and habitational companies lead the February industry rate increases at plus 6 percent.”

By coverage class, commercial-property rates were up by 6 percent for the month. Umbrella/excess and commercial auto followed with 5 percent increases for February compared to February 2012, while business-owners policies, general liability, workers’ comp, professional liability and directors and officers were all up 4 percent. Surety showed the most modest increase, up by just 1 percent compared to February 2012.

As seen in previous months, the larger the account, the more competitive the pricing. Rates for jumbo accounts, defined as premium over $1 million, were up by 2 percent in February. Large accounts ($250,001 to $1 million in premium) were up by 3 percents, Medium accounts ($25,001 to $250,000) were up by 5 percent and small accounts (up to $25,000) were up by 6 percent.

NAPSLO 2016

 

Featured Video

Most Recent Videos

Video Library ››

Top Story

Scenes from the first day at NAPSLO 2016

The annual surplus lines event opened yesterday in Atlanta. Here are highlights from the first day of the conference.

Top Story

Top cyber threats can shift by industry, but risk is universal

Risk managers are finding that businesses of all sizes face cyber threats, but some industries are more vulnerable than others.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.