MarketScout has promulgated the June 2013 composite P&C rate for commercial property and casualty insurance in the United States at plus 5 percent.All coverages, industry groups and account sizes held within a plus 1 to minus 1 percent range as compared to last month.
By coverage classification, commercial auto had the highest rate increases at plus 6 percent. Property, general liability, D&O and EPLI followed at plus 5 percent. EPLI has made the most significant upward rate adjustment in the last four months.
Small accounts (under $25,000 premium) were assessed the largest rate increases at plus 6 percent. Jumbo accounts (those over $1,000,000 premium) enjoyed the best composite rates at plus 2 percent.
Contracting and service segments were the largest increases by industry class at plus 6 percent.
"The market is steady right now, " noted MarketScout CEO, Richard Kerr. "There were no big surprises in July 1 treaty renewals and even the impact of Superstorm Sandy seems to have been forgotten by most property insurers."
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.