Commercial property/casualty rates in the U.S. dropped again in February, with the composite rate once again coming in at -4 percent, according to the newest market barometer from MarketScout.
By coverage, business interruption, inland marine and commercial auto were priced more competitively in February as compared to January, MarketScout said, while rates for other coverages remained steady.
By account size, large accounts were down from -4 percent in January to -5 percent in February, while jumbo accounts (those over $1,000,000) were down from -3 percent to -4 percent in the same period. Composite rates for all other account sizes remained the same.
By industry, manufacturing had a significant rate decrease from -2 percent in January to -5 percent in February, while habitational was down another 1 percent in February, coming in at -6 percent. All other industry rates remained the same.
MarketScout’s results are based on new and renewal placements across the country and pricing surveys by the National Alliance for Insurance Education and Research.