Filed Under:Markets, E&S/Specialty

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.

Featured Video

Most Recent Videos

Video Library ››

Top Story

30 best paying college majors: 2015

It might not take a rocket scientist to guess which college majors lead to the highest paying jobs, but being one would put you near the top of the salary pyramid.

Top Story

Here are the 21 trends that pose the biggest risks to global business in 2015

Swiss Re's latest SONAR report identifies 21 emerging global risks driven by economic, tehnological, socio-political and environmental developments.

More Resources

Comments

eNewsletter Sign Up

Specialty Markets Insight eNewsletter

Receive updates and analyses on hard to place and challenging coverages. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.