P&C insurance brokers report that prices slightly rose during the third quarter of this year. Small accounts were said to have the largest increase, according to the Council of Insurance Agents & Brokers.
In a quarterly survey of the association's members, brokers stated that commercial-insurance rates rose less than 1 percent on average.
Third-quarter rates for small accounts edged up at a little more than 2 percent. Medium accounts were up slightly more than 1 percent, while large accounts were down by less than 1 percent.
Brokers were asked how premium rates have changed from July to September and 38 percent reported they saw no change in small-business accounts, while 11 percent say rates were down 1 to 10 percent. 42 percent reported rates rose 1 to 10 percent.
Medium-size accounts with commission and fees between $25,000 and $100,000 showed that 26 percent of brokers say there was no change, while 24 percent say rates dropped 1 to 10 percent and 39 percent say rates increased 1 to 10 percent.
For large accounts, 30 percent of brokers said there was no change in rates. Twenty-nine percent say rates were down 1 to 10 percent and 28 percent rates rose 1 to 10 percent. Of the 10 lines of business that the Council reported with positive rate change; workers' compensation had the sharpest increase at more than 4 percent, followed by commercial property at 3 percent.
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