In November, commercial insurance composite rates matched those of the previous month, at plus-4 percent, while personal lines rates increased plus-3 percent compared to last year, according to the MarketScout barometer.
“The market is still on an upward trajectory but rate increases are slowing,” said Richard Kerr, CEO of MarketScout. “The only rate increases by coverage classification were small commercial policies and general liability coverages, which both increased from plus-3 percent to plus-4 percent. The general liability increase was possibly an adjustment from the unusually large percentage rate reduction in October. By industry, manufacturing rates moved up from plus-4 percent to plus-5 percent. Jumbo accounts over $1,000,000 premium were up from plus-2 percent to plus-3 percent.”
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