U.S. commercial property/casualty insurance prices rose an typical of 3% in March over people of the prior-12 months time period, MarketScout reported Friday.
Employees compensation, commercial car and business owners coverage saw the most significant charge increases at 4%, while crime, fiduciary, inland marine and surety reported the smallest enhance at 1%, in accordance to the Dallas-primarily based electronic insurance coverage exchange.
Amongst market classes, contracting and transportation accounts had the highest rate of increase at 4%, even though energy and public entity accounts loved the lowest at 2%.
“Insurers target a specific (return on equity),” explained MarketScout CEO Richard Kerr in a statement accompanying the report. “Despite strengthening margins, insurers are still not meeting their profit targets, as a result the continued marginal increases.”