MarketScout: Rates Continue To Edge Upwards

Average property/casualty rates for insuring U.S.-based risks increased by 5 percent in August 2012, according to the latest analysis from online insurance exchange MarketScout.

Commercial property rates were up 7 percent, general liability and workers’ compensation rates were up 6 percent, while BOP rates were up 5 percent.

Richard Kerr, CEO of MarketScout, commented:

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.†

By account size, small and medium sized accounts (premiums up to $250,000) increased 5 percent, while large accounts ($250,001 to $1 million) were up 4 percent and jumbo accounts (over $1 million) were up 3 percent.

By industry classification, manufacturing and contracting risks were up the most with an increase of 6 percent.

An article on PC360 takes a closer look at MarketScout’s findings.

Check out I.I.I. information on industry results and market conditions.

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