MarketScout, the nation's largest property and casualty insurance exchange, has calculated the composite rate for insuring U.S. based risks at an increase of 5 percent for August 2012.
According to Richard Kerr, CEO of MarketScout, "Property rates continue to increase across the nation, with larger increases in wind exposed areas on the gulf coast and eastern seaboard. This is normal during hurricane season. The composite rate for property coverages across the U.S. was up 7 percent."
General liability and workers' compensation rates increased 6 percent. Small and medium sized accounts (premiums up to $250,000) increased 5 percent, while large accounts ($250,001 to $1,000,000) were up 4 percent and jumbo accounts (over $1,000,000) were up 3 percent.
By industry classification, manufacturing and contracting risks were up the most with an increase of 6 percent.
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.