The Commercial Market Composite Rate for October was plus four percent versus the plus five percent reported in September.
“The upward trajectory of rates certainly lost some steam in October. The general liability results are significant because this coverage is offered by a large percentage of both the admitted and non-admitted marketplace. We will watch closely to see if more aggressive pricing creeps into other lines of coverage through the end of the year.” – Richard Kerr, MarketScout’s CEO.
Overall small accounts and commercial property rates decreased from plus six percent to plus four percent, while BOP rates decreased two points. The largest downward adjustment this month was with regards to general liability coverage which saw a three point decrease from six to three percent.
An in-depth look at the numbers…
In total five coverages saw rate reductions:
The only rate increase this month occurred with commercial auto which saw a one point rate increase at plus six percent.
|By Coverage Class||Percent Change|
|Commercial Property||Up 4%|
|Business Interruption||Up 3%|
|Inland Marine||Up 2%|
|General Liability||Up 3%|
|Commercial Auto||Up 6%|
|Workers’ Compensation||Up 4%|
|Professional Liability||Up 3%|
|D&O Liability||Up 2%|
|By Account Size||Percent Change|
|Small Accounts – Up to $25,000||Up 4%|
|Medium Accounts – $25,0001 – $250,000||Up 5%|
|Large Accounts – $250,001 – $1 million||Up 4%|
|Jumbo Accounts – Over $1 million||Up 2%|
|By Industry Class||Percent Change|
|Public Entity||Up 3%|