The latest monthly MarketScout report shows that commercial property and casualty insurance rates increased at a slower rate, rising 4 percent in October, but Sandy could have a dramatic impact on rates in the future, the CEO of the Dallas-based electronic-insurance exchange says.
MarketScout cites three lines of business—property, business owners and general liability—as the major cause of the more moderate increase, as rates in these lines increased by 5 percent instead of 6 percent last month.
Making note of Hurricane Sandy, Richard Kerr, CEO of MarketScout, says, “While the composite rate may have moderated in October, we believe Superstorm Sandy will cause a month on month composite rate increase in November. It will take months before we know the magnitude of insured claims, but as time passes, the projection for insured losses continues to increase.”
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