Like July, the composite rate for the commercial P&C market is plus 4 percent, according to MarketScout's Market Barometer.
“With no wind, no quake and no big cat exposures looming, insurers are happy to sit tight and hold the status quo,” says Richard Kerr, MarketScout CEO. “August is often a slow month with few significant renewals so it is not unusual to see a static market.”
Similarly, the composite rate for U.S. personal lines remained steady from July, at plus-3 percent, says the Dallas-based insurance exchange.
And just like the commercial market, August is typical slow month for personal lines insurers. Kerr says few policies are set to renew in August.
Homes under $1 million in value were up 4 percent in August. Homes over $1 were up 3 percent, according to the pricing surveys used in MarketScout analysis of the markets.
By coverage class, there was some upward movement in some commercial lines.
Business owners' policies went to plus-5 percent in August from plus-4 percent in July. General liability coverage went up 6 percent in August from 5 percent in July.
However, rates were down 1 percent compared to July for inland marine, commercial auto, D&O and surety.
By industry class, rates in contracting, service and habitational remained steady. Manufacturing was up 5 percent from 4 percent in July. Energy was up 4 percent in August from 3 percent in July.
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