Personal lines remain stable as composite rates measured +3% in November, according to the MarketScout insurance exchange.
Auto insurance was the only line of coverage that registered a month-to-month increase in November, at +3%, as compared to October's rate of +2%.
Homeowners' continues to hold steady to September and October's gains at +4% for houses under $1 million, and +3% for those greater than $1 million.
Personal articles rates also matched October at +1%.
Richard Kerr, CEO of MarketScout says: "Some personal lines agents are securing actual year-on-year rate decreases for their clients; however, they could be sacrificing coverage or changing deductibles in order to get the reductions."
Commercial Rate Picture
Similiar to October's trends, the composite rate for U.S. Commercial insurance was +1% in November, MarketScout reports.
"We still have not measured any line of business that registers a rate decline as compared to the prior year," Kerr says. "Surety rates and jumbo accounts are flat. Every other measurement is still showing at least a very slight rate increase."
By class, the only changes from last month occured in Commercial Property coverage, which increased one percentage point to +2%, and in Surety, which decreased one percentage point to flat–or no increase.
Some rate changes when MarketScout looked at industry: Service and transportation both increased one percentage point from October to +2% and +3%, respectively. Decreasing one percentage point are the manufacturing and contracting industries, to +1% and +2%.
No changes when rates were measured by account size.
| 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 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 0% |
| 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 1% | |
| Contracting | Up 2% | |
| Service | Up 2% | |
| Habitational | Up 1% | |
| Public Entity | Up 1% | |
| Transportation | Up 3% | |
| Energy | Up 2% | |
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