Composite rates for both personal and commercial US property and casualty insurance rose by 3 percent in May, according to a report released Thursday by MarketScout, placing both lines between the ‘flat’ to ‘adjusting upward’ categories on MarketScout's barometer.
On the personal side, rates for homeowners with less than $1 million in insured value rose 4 percent in May, while homeowners with more than $1 million in value saw rates rise by 3 percent. Automobile rates were up 3 percent while personal articles floaters were up 1 percent. Rates for homes over $1 million in coverage value and auto were flat month-to-month, while personal articles rates were down from a 2 percent increase in April.
On the commercial side, May's 3 percent growth exceeded the 2 percent rate increase the market saw in April, led by property, business-owners and general liability policies, all of which were up plus 2 to plus 3 in the month.
Accounts between $25,001 and $250,000 premium increased 3 percent, while large accounts from $250,001 to $1 million were up 2 percent.
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MarketScout, North America