Commercial-lines rate increases continued moderating in July, increasing 1.5% year-over-year, compared to a 2% increase in June.
In its latest Market Barometer, MarketScout says small accounts led the way for increases, up 3% in July. Medium accounts were up 2%, large accounts were up 1% and jumbo accounts were flat.
By line, commercial auto and BOP led the way, up 3%. Business interruption, inland marine, workers' comp, D&O, EPLI, fiduciary, crime and surety were the most competitive lines, all up just 1%.
The contracting and transportation industries saw the steepest increases at 3%. Manufacturing, services, habitational and energy were up 2% and public entities were up 1%.
MarketScout's analysis follows the Council of Insurance Agents and Brokers' release of Q2 survey results in which brokers reported essentially flat rates for the period (down 0.5%).
Personal lines
Personal-lines rates were up 3%, down from 4% in June. Homeowners rates for homes valued both over and over $1 million increased 3%, as did auto. Personal-articles rates were up 2%.
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