Commercial insurance rates increased 3 percent in March 2012. The most significant adjustment was related to accounts in the energy sector where rates were up 1 percent in February as compared to an increase of 3 percent in March.
Richard Kerr, CEO of MarketScout noted, "Our results continue to show a slow and steady path towards rate increases in all segments, be it by line of coverage, industry group or accounts size."
Property and workers’ compensation rates are leading the market adjustment with rate increases of 4 percent. By account size, accounts with premiums under $1 million were up 3 percent. Accounts paying over $1 million were up 2 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.