Property/Casualty Rates Up 2% in 2019 Q1
Commercial property and casualty insurance rates rose an average of 2% in the first quarter of 2019, according to online insurance exchange MarketScout Corp.
Commercial auto lines continued to lead rate increases, at more than 7%, but energy exposures are now showing rate increases, said MarketScout CEO Richard Kerr. Commercial property rates increased by 2.5%, while business interruption, businessowners policy, inland marine, general liability, umbrella/excess, and professional liability lines increased by 2%.
All other lines recorded small increases, except for surety, which remained flat, and workers’ compensation, where rates went down by 1%.
By industry, transportation, habitational, and energy and manufacturing saw the greatest rate increases, at 4%, 3%, and 2.5%, respectively. Small accounts (up to $25,000 in premium) increased 2.5%, while medium accounts ($25,001-$250,000) were up 2%. Large accounts ($250,001-$1 million) and jumbo accounts ($1 million+) increased by 1%.