While the US Personal Lines rates increased in November, US Commercial Lines rates for November 2013 did not budge, holding steady at plus four percent. The composite rate, compiled each month by Dallas-based MarketScout mirrored the rates for October 2013.
“The market is still on an upward trajectory but rate increases are slowing. The only rate increases by coverage classification were small commercial policies (BOP) and general liability coverages which both increased from plus 3 percent to plus 4 percent. The general liability increase was possibly an adjustment from the unusually large percentage rate reduction in October. By industry, manufacturing rates moved up from plus 4 percent to plus 5 percent. Jumbo accounts (over $1,000,000 premium) were up from plus 2 percent to plus 3 percent.”
Umbrella liability, automobile and crime coverages rates moderated by one percentage point in November. Whereas transportation accounts paid an average plus four percent in November as opposed to last month when they paid an average plus five percent.
An in-depth look at the numbers
| By Coverage Class | Rate Change |
| Commercial Property | Up 4% |
| Business Interruption | Up 3% |
| BOP | Up 4% |
| Inland Marine | Up 2% |
| General Liability | Up 4% |
| Umbrella/Excess | Up 3% |
| Commercial Auto | Up 5% |
| Workers’ Compensation | Up 4% |
| Professional Liability | Up 3% |
| D&O Liability | Up 2% |
| EPLI | Up 2% |
| Fiduciary | Up 3% |
| Crime | Up 1% |
| Surety | Up 1% |
| By Account Size | Rate Change |
| Small Accounts Up to $25,000 |
Up 4% |
| Medium Accounts $25,0001 – $250,000 |
Up 4% |
| Large Accounts $250,001 – $1 million |
Up 4% |
| Jumbo Accounts Over $1 million |
Up 3% |
| By Industry Class | Rate Change |
| Manufacturing | Up 5% |
| Contracting | Up 5% |
| Service | Up 5% |
| Habitational | Up 4% |
| Public Entity | Up 3% |
| Transportation | Up 4% |
| Energy | Up 4% |
