Calendar year 2012 started with a composite property and casualty rate increase of 1 percent, according to online insurance exchange MarketScout.
In its latest market analysis, MarketScout noted that the 1 percent composite rate increase in January matched the increase in December 2011.
Richard Kerr, CEO of MarketScout, said:
Commercial property, business interruption, BOP, general liability and workersÃ¢â‚¬â„¢ compensation all reported rate increases of 2 percent.
Umbrella/Excess, commercial auto, D&O liability, and EPLI coverages had a composite rate increase of 1 percent. Professional liability, fiduciary, crime and surety coverages were flat.
Meanwhile, the latest Commercial P/C Market Index Survey from the Council of Insurance AgentsÃ‚ & Brokers found that commercial property/casualty pricing rebounded in the fourth quarter of 2011.
On average, small, medium and large account pricing increased 2.8 percent last quarter, compared with a -5.4 percent decline in the same period the previous year, according to the Council.