Commercial property/casualty prices continue to rise at modest levels. MarketScout, the insurance exchange based in Dallas, reported in a new survey that commercial rates rose an average of 5% in August.
In a statement reported by Business Insurance, Richard Kerr, the CEO of MarketScout, said, ““Property rates continue to increase across the nation, with larger increases in wind-exposed areas on the Gulf Coast and Eastern Seaboard,” said Richard Kerr, CEO of MarketScout, in a statement. “This is normal during hurricane season.”
Overall property rates are up 7% while general liability and workers compensation rates followed with average rate hikes of 6% each. No lines of coverage experienced rate declines in the MarketScout survey.
This latest survey is consistent with Lockton’s experience in the market. See the latest market update summary here.