MarketScout: 2012 Begins With Rate Increases

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:

Workers’ compensation and catastrophe exposed property continued to exhibit the largest increases with upward adjustments of plus 2 percent.†

Commercial property, business interruption, BOP, general liability and workers’ 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 Agents  & 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.

Check out I.I.I. information on the industry’s financial results and market conditions.

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