Commercial rates for all P&C lines continued in a holding pattern in May, while personal insurance rates held steady at plus 1%, matching the rate increase reflected in April 2015.
The United States commercial insurance marketplace rates are holding steady and the majority of commercial accounts are securing renewal terms as expiring. Therefore, premiums held steady unless the exposure base changed.
A lot of business renewed in May 2015, according to MarketScout. The only notable exception in flat rates was in transportation, where the auto portion of these accounts is driving an average 2% increase.
Business Owners Policies (BOP) were up from flat to plus 1% in May as compared to April 2015. EPLI coverage was down from plus 1% to flat, or 0% increase.Contracting was the only industry classification to change from April to May 2015. Contracting was up 1%.
Here are the May 2015 composite raw numbers from MarketScout:
| By Coverage Class | |
| Commercial Property | Up 1% |
| Business Interruption | Flat |
| BOP | Up 1% |
| Inland Marine | Flat |
| General Liability | Flat |
| Umbrella/Excess | Flat |
| Commercial Auto | Up 2% |
| Workers’ Compensation | Flat |
| Professional Liability | Flat |
| D&O Liability | Flat |
| EPLI | Flat |
| Fiduciary | Flat |
| Crime | Flat |
| Surety | Flat |
| By Account Size | |
| Small Accounts | Up 1% |
| Up to $25,000 | |
| Medium Accounts | Up 1% |
| $25,001 – $250,000 | |
| Large Accounts | Flat |
| $250,001 – $1 million | |
| Jumbo Accounts | Down 2% |
| 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].
