The average composite rate for property and casualty insurance placements in the United States was up 5 percent for May 2013. This marks the third month in a row for a 5 percent increase.
By coverage classification, business owners policies (BOP), crime and fiduciary were slightly less expensive than the prior month. D&O, general liability and EPLI policies all experienced higher rates on a month-to-month comparison.
Medium sized accounts ($25,001 to $250,000) decreased in premium as compared to the prior month as did large accounts ($250,001 to $1,000,000).
By industry classification, manufacturing and public entities measured a small premium decrease from the prior month. Transportation accounts were assessed an increase in premium.
According to Richard Kerr, CEO of MarketScout, "The commercial P&C market in the US is continuing its steady trend of rate increases. There is ample capacity but underwriters continue to increase rates as appropriate."
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.