July 2012 rates in the commercial property and casualty sector held steady at plus 4 percent, matching the results for April and May.
"Property rates were up the most at plus 6 percent," noted 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 to plus 2 percent," said Mr. Kerr.
By industry class, public entities increased the most, moving from plus 1 percent to plus 3 percent. Transportation and energy were up to by 1 percent to plus 5 percent and plus 4 percent respectively. Despite some rate increases in select areas, the composite rate held steady at plus 4 percent when combining all industries and coverages.
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.