According to MarketScout, the overall composite rate for insuring commercial accounts in the United States increased 5% in November compared to November of last year.
By coverage classification, property, excess liability, general liability and workers’ compensation rates increased the most, at over 5%. The most substantial month-on-month rate increase at plus 6 percent as compared to plus 4 percent the prior month goes to Manufacturing. Transportation also showed a 6 percent increase. The trucking segment of this industry class appears to be causing the rate increases at plus 6 percent.
A summary of the November 2012 rates by coverage and industry class is listed below.
|By Coverage Class|
|Commercial Property||Up 5%|
|Business Interruption||Up 3%|
|Inland Marine||Up 3%|
|General Liability||Up 5%|
|Commercial Auto||Up 5%|
|Workers’ Compensation||Up 5%|
|Professional Liability||Up 4%|
|D&O Liability||Up 4%|
|By Industry Class|
|Public Entity||Up 4%|
MarketScout is an insurance exchange based in Dallas, Texas. Their users are primarily independent retail agents. Since 2000, MarketScout has tracked agent interest, buying habits and activity.