In its latest report, the Lloyd’s Coverholder and MGA for U.S. insurers said the composite rate for the U.S. commercial market also nudged up 2 percent in the fourth quarter.
MarketScout said quarter-by-quarter the composite rate for 2018 hovered between 2 and 2.5 percent.
Broken down by line of business, commercial auto witnessed the biggest rate increase in the fourth quarter, jumping 7 percent.
The next largest rate increase was in the business interruption class, which was up 3 percent, followed by commercial property which was up 2.5 percent.
The majority of US commercial lines edged up between one and two percent, with the exception of workers compensation, which was down 1.5 percent.
Richard Kerr, CEO of MarketScout said: “Ample capacity remains in the commercial insurance market.”
“Rates for all coverage classifications other than workers’ compensation are increasing at a controlled, slow pace. Only transportation and commercial auto exposures are suffering large rate increases.”