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 workersÃ¢â‚¬â„¢ compensation rates were up 6 percent, while BOP rates were up 5 percent.
Richard Kerr, CEO of MarketScout, commented:
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 MarketScoutÃ¢â‚¬â„¢s findings.