This month’s MarketScout report cites a stable personal lines market with a composite rate growth of 2 percent for August, while composite commercial P&C rates were also noted as steady at four percent.
While the personal lines didn’t move much, with the only change coming in personal article floaters, which moved from 2- to 3-percent growth, commercial rates saw a little more variety.
“Property rates were up the most at plus 6 percent,” said Richard Kerr, CEO of MarketScout. “We recorded month-on-month rate increases for business interruption, BOPs, excess liability, auto, D&O and EPLI. Each of these coverages were up 1 percent as compared to June 2012. Small accounts were up as well, from plus 4 percent in June to plus 5 percent in July. Jumbo accounts increased 1 percentage point to plus 2 percent.”
Also in the commercial space, by industry class, public entities rate increases saw the most growth, from 1 to 3 percent. Transportation and energy were up as well, from 1 to 5 percent and 1 to 4 percent, respectively.
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions. These surveys help to further corroborate MarketScout's findings, which are mathematically driven by new and renewal placements across the United States.
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