The composite rate for commercial insurance coverage in the US rose an average of 1.5 percent in September 2014.
Contractors paid the highest year on year increase at plus 4 percent followed by transportation at plus 3 percent. Service accounts were plus 2 percent while manufacturing, habitational, public entity and energy risks measured plus 1 percent.
By size of premium, small account rates were up 3 percent, medium accounts up 2 percent, large accounts up 1 percent and jumbo accounts had no rate increases.
By line of coverage, inland marine, professional liability, fiduciary, crime, surety and business interruption coverages were all up 1 percent. Commercial property, BOP, general liability, auto, umbrella, workers' compensation, D&O, and EPLI were up 2 percent.
Richard Kerr, CEO of MarketScout profiled industry results by noting, “We are measuring changes with a high degree of sensitivity because the monthly changes are ever so slight. However, rates clearly continue to drift downward.”
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions.. These surveys help to further corroborate MarketScout's actual findings, mathematically driven by new and renewal placements across the United States.
A summary of the September 2014 rates by coverage, industry class and account size is set forth below.
| By Coverage Class | |
| Commercial Property | Up 2% |
| Business Interruption | Up 1% |
| BOP | Up 2% |
| Inland Marine | Up 1% |
| General Liability | Up 2% |
| Umbrella/Excess | Up 2% |
| Commercial Auto | Up 2% |
| Workers' Compensation | Up 2% |
| Professional Liability | Up 1% |
| D&O Liability | Up 2% |
| EPLI | Up 2% |
| Fiduciary | Up 1% |
| Crime | Up 1% |
| Surety | Up 1% |
| By Account Size | |
| Small Accounts | Up 3% |
| Up to $25,000 | |
|
| |
| Medium Accounts | Up 2% |
| $25,001 – $250,000 | |
|
| |
| Large Accounts | Up 1% |
| $250,001 – $1 million | |
|
| |
| Jumbo Accounts | Up 0% |
| Over $1 million | |
| By Industry Class | |
| Manufacturing | Up 1% |
| Contracting | Up 4% |
| Service | Up 2% |
| Habitational | Up 1% |
| Public Entity | Up 1% |
| Transportation | Up 3% |
| Energy | Up 1% |
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