Workers compensation and commercial auto risks saw the steepest rate increases in January at +4% compared to the same month in 2013, but the commercial-lines market overall continued its moderating trend, MarketScout says.
In the past year and a half, there has been a turnaround in pricing for high-valued homeowners risks, as insurers readjust after several years of strong competition in this line, MarketScout CEO Richard Kerr says.
Recent reports generally agree that the property and casualty industry outlook for 2014 is "stable." See the factors that went into the most recent report released by Fitch.
Personal-lines rates may be on their way down in 2014 due to a quiet hurricane season and expected strong earnings in 2013, according to MarketScout CEO Richard Kerr.
There are no signs that the personal lines market should be experiencing dramatic upward pressure, and could be moderating thanks to increased premiums and light catastrophe season so far this year.