Online insurance exchange MarketScout reports that the composite rate for U.S. commercial insurance held steady at plus 4 percent in November, matching the rates for October 2013.
Richard Kerr, CEO of MarketScout noted:
Kerr went on to explain that the only rate increases by coverage classification were small commercial policies (BOP) and general liability coverages, which both increased from plus 3 percent to plus 4 percent.
However, the general liability increase was possibly an adjustment from the unusually large percentage rate reduction in October, Kerr said.
Jumbo accounts (those over $1 million premium) were up from plus 2 percent to plus 3 percent. The manufacturing segment saw its rates increase from plus 4 percent to plus 5 percent.
Rates moderated by 1 percent in November for umbrella liability, auto, and crime coverages, MarketScout added.
By account size, medium accounts ($25,001 to $250,000 premium) were down from plus 5 percent to plus 4 percent.
Transportation accounts paid an average plus 4 percent in November as compared to plus 5 percent in October.
Check out latest information on financial results and market conditions from the I.I.I.