US P/C rates up 5% in September

US P/C rates up 5% in September

US commercial property/casualty prices increased by 5% on average in September, according to the Marketscout.

This is the same as the increase in August, continuing the trend of a gradual rise in rates.

Richard Kerr, Marketscout CEO, said: “The more premium a buyer pays, the more competitive the rates. Smaller and middle market accounts ($0 to $250,000 in premium) paid an average rate increase of 6% in September. Large accounts ($250,000 to $1,000,000) paid a rate increase of 4% and jumbo accounts (over $1,000,000) paid only a 3% rate increase.”

Commercial property was the only line that saw a lower rate of increase compared to the August pricing.

Four lines showed rate increase in September from August by one percentage point; business owner's policy (BOP) went up to 6%, umbrella and excess rose 4%, commercial auto was up to 5% and fiduciary was up 2%.

Price changes in September by class:

Commercial property: Up 6%
Business interruption: Up 4%
BOP: Up 6%
Inland marine: Up 2%
General liability: Up 6%
Umbrella/excess: Up 4%
Commercial suto: Up 5%
Workers’ compensation: Up 6%
Professional liability: Up 3%
D&O liability: Up 4%
EPLI: Up 3%
Fiduciary: Up 2%
Crime: Up 1%
Surety: Up 1%

 

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