Online insurance exchange MarketScout reported that the composite rate for U.S. commercial insurance increased an average of 3 percent in January 2014.
Commercial auto and workers compensation rates led the way with increases of 4 percent.
However, rates for five coverage classes – inland marine, EPLI, fiduciary, crime and surety Ã¢â‚¬“ increased by just 1 percent.
Richard Kerr, CEO of MarketScout noted that theÃ‚ average rateÃ‚ increase in January 2014 barely matched year-end 2013Ã‚ at plus 3 percent:
Additional capacity, insurance linked securities and a more stable economic environment (despite recent stock market adjustments) are partly responsible for the moderating rate environment, according to MarketScout.
Hat tip to Business Insurance which reports here.
Check out latest information from the I.I.I. on financial and market conditions.