WorkersÃ¢â‚¬â„¢ compensation is the only coverage to see an actual rate increase (up 1 percent) in June 2011, according to latest analysis from online insurance exchange MarketScout.
The rising rates for workersÃ¢â‚¬â„¢ comp come as MarketScout reported that the composite rate for U.S. property and casualty insurance was down 3 percent in June, after three consecutive months at minus 4 percent.
Richard Kerr, CEO of MarketScout said:
Ã¢â‚¬Å“It looks like workersÃ¢â‚¬â„¢ compensation will be the coverage leading us out of the soft market. Rates for workersÃ¢â‚¬â„¢ compensation are up 1 percent. WorkersÃ¢â‚¬â„¢ comp is the only coverage with an actual rate increase in June.Ã¢â‚¬
In April, Kerr first indicated that workersÃ¢â‚¬â„¢ compensation and catastrophe exposed property risks would lead the way out of the soft market.
General liability and commercial property were priced most aggressively in June, with rates down 3 percent, according to MarketScout.
Rates for business owners policies (BOP), professional liability, directors and officers (D&O), employment practices liability insurance (EPLI), crime and surety policies were flat.
Business Insurance has more on this story.