MarketScout: Workers Comp Rates Rising

Workers’ 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 workers’ 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:

“It looks like workers’ compensation will be the coverage leading us out of the soft market. Rates for workers’ compensation are up 1 percent. Workers’ comp is the only coverage with an actual rate increase in June.†

In April, Kerr first indicated that workers’ 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.

Check out I.I.I. information on workers compensation and I.I.I. facts and stats on the property/casualty insurance cycle.

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