Commercial insurance rates in the United States held steady in March, according to the latest analysis from online insurance exchange MarketScout.
The average property/casualty rate increase was flat or 0 percent compared to the same month last year. This compares to a slight rate increase of 1 percent in February 2015.
Richard Kerr, CEO of MarketScout, noted:
March is an important month. There is a considerable volume of U.S. business placed with both the U.S. and international insurers. While a small change from February, the downward adjustment in rates may be an indicator of what is to come for the next six months.”
General liability and umbrella/excess liability were down at flat or 0 percent in March from up 1 percent in February.
No line of coverage reflected a rate decrease, while the largest rate increase by line of coverage was 1 percent.
By account size, large accounts ($250,000 to $1 million premium) were flat as compared to up 1 percent in February. Small accounts (up to $25,000 premium) adjusted downward from up 2 percent to up 1 percent. Rates for all other accounts were unchanged.
Business Insurance reports on this story here.
For a broader look at the p/c insurance market, check out industry financial and results commentary from the I.I.I.