Rates for buyers of commercial insurance are stable at plus 1 percent for November 2014.
According to Richard Kerr, CEO of MarketScout, "We still have not measured any line of business that registers a rate decline as compared to the prior year. Surety rates and jumbo accounts are flat. Every other measurement is still showing at least a very slight rate increase."
By coverage classification, the only changes from last month were commercial property, which was up from plus 1 percent to plus 2 percent, and surety, which was down from plus 1 percent to flat, or no increase.
There were no changes in rates as measured by account size.
Service and transportation industry classifications were up 1 percent as compared to last month at plus 2 percent and plus 3 percent respectively. Manufacturing risks were down from plus 2 to plus 1 percent. Contracting accounts were down from plus 3 to plus 2 percent.
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions. These surveys help to further corroborate MarketScout's actual findings, mathematically driven by new and renewal placements across the United States.
A summary of the November 2014 rates by coverage, industry class and account size is set forth below.
For detailed rating analysis or market projections by industry class, coverage or account size, contact Vilma Scott at firstname.lastname@example.org.
MarketScout, an insurance distribution and underwriting company headquartered in Dallas, compiles the Commercial and Personal Lines Market Barometers. The firm owns and operates the MarketScout Exchange at marketscout.com as well as over 40 other online and traditional underwriting and distribution venues. MarketScout founded the Entrepreneurial Insurance Alliance (EIA) in 2009. In 2012, MarketScout founded the Council for Insuring Private Clients (CIPC). MarketScout has offices in Dallas, California, Connecticut, Florida, Illinois, Indiana, Michigan, Nebraska, New Jersey, Rhode Island, Texas and Washington, D.C.
The composite market conditions from 2001 to 2014 are set forth below.