January 7, 2019 | Insurance Business America
Author: Ryan Smith
Commercial insurance rates were up in the fourth quarter of 2018, according to a new report by insurance distribution and underwriting company MarketScout.
The US commercial insurance composite rate averaged an increase of 2% in the fourth quarter, matching the composite rate for the entire year, according to MarketScout. Transportation and commercial auto led rate increases in Q4, with hikes of 6% and 7%, respectively. Workers’ compensation, meanwhile, posted a rate decrease of 1.5%.
“Ample capacity remains in the commercial insurance market,” said Richard Kerr, CEO of MarketScout. “Rates for all coverage classifications other than workers’ compensation are increasing at a controlled, slow pace. Only transportation and commercial auto exposures are suffering large rate increases.”
Below is a summary of fourth-quarter rates by coverage, industry class and account size:
By coverage class:
By account size:
By industry class: