Online insurance exchange MarketScout just reported that the commercial insurance rate index for the United States rose 4 percent in February 2013.
Commercial property insurance led the pack with a rate increase of 6 percent, followed by commercial auto and umbrella/excess with increases of 5 percent.
General liability rates were considerably more competitive with rates up 4 percent, compared to up to 6 percent the previous month.
Richard Kerr, CEO of MarketScout noted:
Over the last year, transportation and energy have led rate increases most of the time. However, for February, transportation was up 4 percent and energy was up 3 percent. The only industry with a lesser rate increase was public entities.
By account size, rates continue to be more competitive the larger the account, according to MarketScout. Small accounts (premiums up to $25,000) were up 6 percent and jumbo accounts (over $1 million) were up 2 percent.
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