The composite rate for U.S. commercial lines was up 2 percent in February 2012, according to the latest analysis fromÃ‚ online insurance exchange MarketScout.
Commercial property and workers’ compensation continued to lead the increases at plus 3 percent, followed by BOP, general liability and umbrella/excess with reported rate increases of 2 percent.
All other coverages were up 1 percent, except for fiduciary and surety which wereÃ‚ flat.
Richard Kerr, CEO of MarketScout noted:
In September 2011 rates were flat. Since then, we have continued to see evidence of a slowly turning market with the composite rate at 0 percent for October; 1 percent increase for November 2011 through January 2012 and nowÃ‚ a 2 percent increase in February 2012.”Ã‚
An articleÃ‚ on PC360 takes a closer look at the gradual incline in commercial rates.