Admitted and non-admitted insurers starting to price similarly says MarketScout
Commercial property, casualty, and professional lines coverage rates have increased three percent from the same time last year according to Dallas-based insurance exchange MarketScout. In addition, worker’s compensation and property coverage rates have risen the most in the last month surpassing four percent. BOP, general liability and D&O increased only slightly from their March numbers.
Richard Kerr, CEO of MarketScout noted that, “Each industry and coverage class we monitor includes placements with both admitted and non-admitted insurers. Recently, we have noticed admitted and non-admitted insurers are pricing similarly. Historically, there has been a considerable difference in the underwriting approaches among the various types of insurers. The recent similar pricing strategies could ultimately lead to more business for the non-admitted insurers as admitted insurers begin to restrict their risk appetite and simply decline to write tougher accounts.”
Here is a look at the Rate Increases by Coverage Class:
|By Coverage Class|
|Commercial Property||Up 4%|
|Business Interruption||Up 1 %|
|Inland Marine||Up 2%|
|General Liability||Up 3%|
|Commercial Auto||Up 2%|
|Worker’s Compensation||Up 4%|
|Professional Liability||Up 2%|
|D&O Liability||Up 2%|
Looking at account size, small, medium, and large account were all up by three percent. Jumbo accounts were up by two percent. All industry classes (Manufacturing, Contracting, Service, Habitational, Public Entity, Transportation and Energy) were up by three percent.
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