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.