According to the MarketScout insurance exchange, the U.S. composite rate for all property and casualty lines across all states was flat in March after a slight increase of 1% in Feburary 2015. Personal insurance rates held steady at plus 2%.
A softening market
By coverage classification, general liability and umbrella/excess liability were down from up 1% in February to flat or 0% in March. Commercial auto, professional liability, and EPLI were also down 1% in February as compared to March.
Industry classifications all remained the same as in February, except for contracting and transportation, which were up 1% in March as compared to up 2% in February. Habitational—coverage for owners of condos, apartment buildings and other multi-unit dwellings—was flat or up 0% in March as compared to up 1% in February.
According to Richard Kerr, CEO of MarketScout, the downward adjustment in rates may be an indicator of what's to come for the next six months.
Here are the March 2015 composite raw numbers from MarketScout:
| By Coverage Class | |
| Commercial Property | Up 1% |
| Business Interruption | Up 0% |
| BOP | Up 1% |
| Inland Marine | Up 0% |
| General Liability | Up 0% |
| Umbrella/Excess | Up 0% |
| Commercial Auto | Up 1% |
| Workers’ Compensation | Up 0% |
| Professional Liability | Up 1% |
| D&O Liability | Up 1% |
| EPLI | Up 1% |
| Fiduciary | Up 0% |
| Crime | Up 0% |
| Surety | Up 0% |
| By Account Size | |
| Small Accounts | Up 1% |
| Up to $25,000 | |
| Medium Accounts | Up 1% |
| $25,001 – $250,000 | |
| Large Accounts | Up 0% |
| $250,001 – $1 million | |
| Jumbo Accounts | Up 0% |
| Over $1 million | |
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Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
