“Insurers are getting tired of cutting rates,” said Richard Kerr, CEO of MarketScout.
The composite rate for commercial insurance placed in the United States moderated in June to minus 1 percent from minus 2 percent in May 2016.
According to Kerr, “There are still pockets of very competitive business; however, it is beginning to look like insurers are willing to maintain the rate reductions of the past few years and not cut rates even further.”
Coverage classifications business owners policies (BOP), umbrella and professional liability all moderated by 1 percent in June 2016 as compared to the prior month. EPLI rates were up 1 percent. Commercial auto rates moved from flat to plus 2 percent.
By account size, medium ($25,001 to $250,000) and large ($250,001 to $1,000,000) accounts moderated to minus 1 percent and 2 percent respectively. For all other account sizes, rates did not change.
Rates for every industry class, except habitational and transportation, moderated by 1 percent. Habitational rates were unchanged at minus 2 percent while rates for transportation accounts moved significantly from minus 2 percent to plus 1 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.
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