US Commercial insurance rates up 5 percent in fourth quarter
Fourth quarter rates for commercial insurance placements across the United States increased 5 percent according to MarketScout, an insurance distribution and underwriting company headquartered in Dallas which compiles the Commercial and Personal Lines Market Barometers.
The steady trend of upward rate movement reflects insurers’ plans to continue increasing prices across all lines of coverage with workers’ compensation being the only exception.
Richard Kerr, CEO of MarketScout said: “Auto rate increases have been up all year long; however, D&O and professional rate increases have spiked significantly in the fourth quarter. “Insurers are utilizing the many catastrophe modelling tools to carefully analyse their property exposures. We expect many of the major property catastrophe insurers to curtail their 2020 writings in California brush and East and Gulf Coast wind areas. Naturally, this will result in higher rates to insureds.”
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.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze