Commercial rates for all P&C lines continued in a holding pattern in May, while personal insurance rates held steady at plus 1%, matching the rate increase reflected in April 2015.
The United States commercial insurance marketplace rates are holding steady and the majority of commercial accounts are securing renewal terms as expiring. Therefore, premiums held steady unless the exposure base changed.
[Related: Composite P&C rates down 1%, personal rates up 2% in March 2015]
A lot of business renewed in May 2015, according to MarketScout. The only notable exception in flat rates was in transportation, where the auto portion of these accounts is driving an average 2% increase.
Business Owners Policies (BOP) were up from flat to plus 1% in May as compared to April 2015. EPLI coverage was down from plus 1% to flat, or 0% increase.Contracting was the only industry classification to change from April to May 2015. Contracting was up 1%.
Here are the May 2015 composite raw numbers from MarketScout:
| By Coverage Class | |
| Commercial Property | Up 1% |
| Business Interruption | Flat |
| BOP | Up 1% |
| Inland Marine | Flat |
| General Liability | Flat |
| Umbrella/Excess | Flat |
| Commercial Auto | Up 2% |
| Workers’ Compensation | Flat |
| Professional Liability | Flat |
| D&O Liability | Flat |
| EPLI | Flat |
| Fiduciary | Flat |
| Crime | Flat |
| Surety | Flat |
| By Account Size | |
| Small Accounts | Up 1% |
| Up to $25,000 | |
| Medium Accounts | Up 1% |
| $25,001 – $250,000 | |
| Large Accounts | Flat |
| $250,001 – $1 million | |
| Jumbo Accounts | Down 2% |
| Over $1 million | |
| By Industry Class | |
| Manufacturing | Flat |
| Contracting | Up 1% |
| Service | Flat |
| Habitational | Up 1% |
| Public Entity | Flat |
| Transportation | Up 1% |
| Energy | Flat |
Keep reading to learn more about the rates in the U.S. personal lines market.
Personal insurance rates up 1% in May
The U.S. composite rate for May 2015 held steady at plus 1%, matching the rate increase reflected in April 2015.
The only change in rate was for homeowners with Coverage A values under $1,000,000.
"The reduction in pricing for homes under $1,000,000 is not surprising," according to Richard Kerr, CEO of MarketScout. "This is a much sought after market with literally dozens of insurers trying to gain market share," noted Kerr.
Below is a summary of the May 2015 personal lines rates.
| Personal Lines | |
| Homeowners under $1,000,000 value | Flat |
| Homeowners over $1,000,000 value | Up 1% |
| Automobile | Up 2% |
| Personal Articles | Flat |
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