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U.S. Commercial Rates Decrease One Percent in August

MarketScout reports that average rates in the U.S. commercial insurance market declined by one percent in August, even though commercial auto pricing increased three percent that same month...
September 14, 2016

MarketScout reports that average rates in the U.S. commercial insurance market declined by one percent in August, even though commercial auto pricing increased three percent that same month. The one percent reduction is the same decline witnessed in July, which in turn matched the reduction witnessed in June. The commercial property, inland marine, umbrella/excess, and workers' compensation sectors all recorded average rate declines of one percent.

Meanwhile, commercial auto rose by three percent on average, and the employment practices liability insurance and crime segments saw average rates increase one percent in August. MarketScout reports that rates for the business interruption, business owners’ policy, general liability, professional liability, directors’ and officers’ liability, fiduciary, and surety segments all remained flat during the month. Small accounts valued up to $25,000 and medium accounts worth between $25,001 and $250,000 saw rates decrease by one percent last month. Large accounts, however, saw declines of two percent, as did “jumbo accounts,” those valued in excess of $1 million.

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