Commercial rates for all P&C lines continued in a holding pattern in May, while personal insurance rates held steady at plus 1%, matching the rate increase reflected in April 2015.  

The United States commercial insurance marketplace rates are holding steady and the majority of commercial accounts are securing renewal terms as expiring. Therefore, premiums held steady unless the exposure base changed.

[Related: Composite P&C rates down 1%, personal rates up 2% in March 2015]

A lot of business renewed in May 2015, according to MarketScout. The only notable exception in flat rates was in transportation, where the auto portion of these accounts is driving an average 2% increase.

Business Owners Policies (BOP) were up from flat to plus 1% in May as compared to April 2015. EPLI coverage was down from plus 1% to flat, or 0% increase.Contracting was the only industry classification to change from April to May 2015. Contracting was up 1%. 

Here are the May 2015 composite raw numbers from MarketScout:

By Coverage Class

Commercial Property

Up 1%

Business Interruption

Flat

BOP

Up 1%

Inland Marine

Flat

General Liability

Flat

Umbrella/Excess

Flat

Commercial Auto

Up 2%

Workers’ Compensation

Flat

Professional Liability

Flat

D&O Liability

Flat

EPLI

Flat

Fiduciary

Flat

Crime

Flat

Surety

Flat

By Account Size

Small Accounts

Up 1%

Up to $25,000

Medium Accounts

Up 1%

$25,001 – $250,000

Large Accounts

Flat

$250,001 – $1 million

Jumbo Accounts

Down 2%

Over $1 million

By Industry Class

Manufacturing

Flat

Contracting

Up 1%

Service

Flat

Habitational

Up 1%

Public Entity

Flat

Transportation

Up 1%

Energy

Flat

Keep reading to learn more about the rates in the U.S. personal lines market.

Personal insurance rates up 1% in May

The U.S. composite rate for May 2015 held steady at plus 1%, matching the rate increase reflected in April 2015. 

The only change in rate was for homeowners with Coverage A values under $1,000,000.

“The reduction in pricing for homes under $1,000,000 is not surprising,” according to Richard Kerr, CEO of MarketScout. “This is a much sought after market with literally dozens of insurers trying to gain market share,” noted Kerr.

Below is a summary of the May 2015 personal lines rates. 

Personal Lines

Homeowners under $1,000,000 value

Flat

Homeowners over $1,000,000 value

Up 1%

Automobile

Up 2%

Personal Articles

Flat

U.S. personal insurance rate for May 2015