According to MarketScout, the February 2013 commercial insurance rate index for the U.S. was up 4 percent as compared to a year earlier.Richard Kerr, CEO of MarketScout noted, "Over the last year, transportation and energy have lead rate increases most of the time. However, for February, transportation was up 4 percent and energy was up 3 percent. The only industry with a lesser rate increase was public entities. Manufacturing, service and habitational companies lead the February industry rate increases at plus 6 percent."
By account size, rates continue to be more competitive the larger the account. Small accounts were up 6 percent and jumbo accounts were up 2 percent.
By coverage classification, property insurance led the pack with a rate increase of plus 6 percent. General liability rates were considerably more competitive with rates up 4 percent as opposed to up 6 percent the month before.
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 actual findings, mathematically driven by new and renewal placements across the United States.