The composite rate for U.S. commercial lines increased by 5 percent in November, according to the latest analysis from online insurance exchange MarketScout.
Property, excess liability, general liability and workersÃ¢â‚¬â„¢ compensation rates increased the most at plus 5 percent. Surety had the smallest increase at plus 1 percent.
By industry class, manufacturing had the most significant month on month rate increase at plus 6 percent, compared to plus 4 percent the prior month. Transportation accounts were also up 6 percent.
Richard Kerr, CEO of MarketScout, said the manufacturing increase was surprising:
As for transportation, the trucking segment of this industry class is what is really driving the rate increases for the class at plus 6 percent. The losses suffered by the trucking market have been considerable over the last several years. We expect further rate increases for trucking exposures.Ã¢â‚¬