On a composite basis, U.S. commercial lines were up 5 percent and personal lines rates increased 4 percent as compared to the same time period a year earlier, according to MarketScout’s rate index for January 2013.
“The commercial market is continuing its slow, but steady, upward trajectory in rates and premiums, couple this with slight increases in exposures and the overall premium written on an expiring account is frequently up 8 to 9 percent,” said Richard Kerr, CEO of MarketScout. Commenting on the personal lines rate increases, he added, “admitted personal lines insurers continue to take slight rate increases across the board. For those accounts that must secure terms from the non-admitted market rate, increases are as much as 10 percent in many instances.”
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