By: Mark A. Hoffman
– March 6, 2014
U.S. commercial property/casualty insurance rates rose by an average of 2% in February, MarketScout reported Wednesday.
That compares with an average 3% increase in January, according to the Dallas-based electronic insurance exchange.
Among individual coverages, commercial automobile and business owners policies experienced the greatest increase at 4%, while inland marine, crime, fiduciary and surety each reported the smallest increases at 1% each.
Among industry classes, transportation sustained the largest increase at 4%, while energy reported the lowest at 1%.
“Today, more so than any time in recent history, the U.S. insurance market has attracted the attention of some very smart people with access to serious capital,” said MarketScout CEO Richard Kerr in a statement.
“If the money guys connect with insurance pros and decide to proceed with implementing even one-third of the plans under consideration, absent a catastrophic event, we predict the U.S. commercial market will continue to moderate and rates will ultimately start to decrease towards the later part of 2014.”
