According to the MarketScout insurance exchange, the composite rate for U.S. commercial insurance was plus 1% in October 2014.
That's more or less in line with September, MarketScout found, with the exception of automobile and professional liability coverages, which were both up 1% from the prior month. On the flipside, property and workers comp rates both fell 1% in October.
Broken down by industry, contracting, service, and transportation were all down an additional 1% in October from the month prior, and (almost) all the other industries MarketScout tracks remained unchanged. Manufacturing and energy risks were the lone exceptions, both rising from plus 1% to plus 2%.
So what's the good news? It looks like the worst could be over, at least for the time being.
“As expected, the US composite commercial rate continues its slow slide," said MarketScout CEO Richard Kerr in a statement announcing the findings. "We are almost completely past hurricane season, so we expect continued pressure on property rates. Workers’ compensation rates are also down from last month; however, a few large insurers could be facing some challenges on their comp book. If so, this could moderate the slide in WC premiums."
Here are the raw numbers from MarketScout:
| By Coverage Class | |
| Commercial Property | Up 1% |
| Business Interruption | Up 1% |
| BOP | Up 2% |
| Inland Marine | Up 1% |
| General Liability | Up 2% |
| Umbrella/Excess | Up 2% |
| Commercial Auto | Up 3% |
| Workers’ Compensation | Up 1% |
| Professional Liability | Up 2% |
| D&O Liability | Up 2% |
| EPLI | Up 2% |
| Fiduciary | Up 1% |
| Crime | Up 1% |
| Surety | Up 1% |
| By Account Size | |
| Small Accounts | Up 2% |
| 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 2% |
| Contracting | Up 3% |
| Service | Up 1% |
| Habitational | Up 1% |
| Public Entity | Up 1% |
| Transportation | Up 2% |
| Energy | Up 2% |
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