Online insurance exchange MarketScout reported that rates for commercial insurance in the United States were up slightly in March 2014, extending the slow but steady rate increases business owners have been paying since November 2011.
The composite rate for property and casualty coverages in the U.S. was up 3 percent in March, compared to plus 2 percent in February.
Richard Kerr, CEO of MarketScout said the ongoing rate adjustments come as insurers look to meet profit targets:
BOP, commercial auto, and workers compensation led the way with rates up 4 percent. However, as PC360 reports, both commercial auto and BOP were flat compared to February increases, while workers compensation was up 1 percent over the prior month.
By account size, any account with premium from $25,000 to $1 million paid a 3 percent increase compared to 2 percent the prior month.
By industry classification, manufacturing and energy accounts paid more than the prior month with manufacturing up to plus 4 percent and energy up plus 2 percent.