According to recent analysis from MarketScout, in 2023, the transportation industry was assessed as the sector with the largest rate increase at plus 7.26%, as the total rate increase across all industry groups hit 4.56% in the year.
Tag: MarketScout
Commercial Insurance Rates Moderate in 3Q 2023: MarketScout
n 2023, third quarter commercial insurance rates were plus 3.72% as compared to plus 5% in the second quarter. Rates for all coverage classifications except business owners policies (BOP) moderated in the third quarter. BOP rates increased from plus 3.2% to plus 5%.
Composite U.S. Commercial Insurance Rates Steady in 2Q: MarketScout
Businesses across the United States were assessed an average composite insurance rate increase of 5% in the second quarter of 2023.
Commercial Lines Insurance Composite Rate Increases 5.1% in 4Q 2022
The composite rate for US commercial insurance rates was up 5.1% in the fourth quarter of 2022.
Hurricane Ian Will Significantly Impact Wind-Exposed States: MarketScout
Following Hurricane Ian, MarketScout CEO Richard Kerr stated that the storm loss event will have “significant” implications for property rates in Florida and other wind-prone states in the United States. According to MarketScout’s analysis of commercial insurance market rates during the third quarter of 2022, property rates in coastal areas are now expected to rise… Continue reading Hurricane Ian Will Significantly Impact Wind-Exposed States: MarketScout
Premiums Rise in All Lines in Q1: MarketScout
Commercial insurance buyers saw single-digit average price increases across most lines through the first quarter of 2022, but signs point to upward pressure on rates in the future, according to MarketScout. “Rates in January and February were consistent with what was reflected in the last quarter of 2021,” commented Richard Kerr, CEO of MarketScout. “However,… Continue reading Premiums Rise in All Lines in Q1: MarketScout
P/C Insurance Rates See Moderate Increases in Second Quarter 2021: MarketScout
The composite rate for the second quarter 2021 was 5.9 percent versus 7 percent in the first quarter. Commercial insurance buyers paying $25,000 or less in premium are paying a slightly lower rate at 5 percent versus 6.3 percent in the first quarter. As measured by line of coverage, professional lines rates adjusted significantly at… Continue reading P/C Insurance Rates See Moderate Increases in Second Quarter 2021: MarketScout
Rate Moderation in Second Quarter 2021
The composite rate for the second quarter 2021 was 5.9 percent versus 7 percent in the first quarter. Commercial insurance buyers paying $25,000 or less in premium are paying a slightly lower rate at 5 percent versus 6.3 percent in the first quarter. As measured by line of coverage, professional lines rates adjusted significantly at… Continue reading Rate Moderation in Second Quarter 2021
U.S. Property and Casualty Rates Continue Upward Trend
Despite 2020 being one of the strangest years in recent history, the insurance industry continued to function efficiently. The fourth quarter 2020 composite rate was up 7.1 percent as compared to up 6.25 percent for the third quarter 2020. The biggest rate increases by line of coverage were for umbrella liability, professional lines and directors… Continue reading U.S. Property and Casualty Rates Continue Upward Trend
Third-Quarter Insurance Composite Rate Increase at 6.25%
At the close of the third quarter 2020, insurance buyers were assessed rate increases on every line of coverage and industry class. Richard Kerr, CEO and Founder of MarketScout, profiled the current market environment by pointing out, “The composite rate is up 6.25 percent for the third quarter 2020 as compared to up 4.8 percent… Continue reading Third-Quarter Insurance Composite Rate Increase at 6.25%