MarketScout has promulgated the September 2012 composite rate for the property and casualty industry at plus 5 percent, matching the same rate as was posted for August 2012.
MarketScout's CEO, Richard Kerr, noted, "The more premium a buyer pays, the more competitive the rates. Smaller and middle market accounts ($0 to $250,000 in premium) paid an average rate increase of 6 percent in September. Large accounts ($250,000 to $1,000,000) paid a rate increase of 4 percent and jumbo accounts (over $1,000,000) paid only a 3 percent rate increase."
Commercial property rates adjusted down from plus 7 to plus 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.