Commercial property and casualty rates in the United States remained flat in February, with small changes in some lines compared to the previous month. The composite rate remains at minus 4%, according to MarketScout.
“There was little movement in rates in most sectors. The only notable change was in manufacturing, which decreased from minus 2% in January 2016, to minus 5% in February 2016,” Richard Kerr, MarketScout chief executive officer said in a statement. “Traditionally, February has always been a slow insurance month, so the lack of activity in rates is not surprising.”
While business interruption, inland marine and commercial auto coverages were priced more competitively in February, compared to January, the rates for other coverages remained steady.
Large and jumbo accounts were also down more in February, with large ($250,001 to $1 million) down from minus 4% in January 2016, to minus 5% in February. Jumbo accounts (more than $1 million), dropped from minus 3% to minus 4% in the same period. All other account sizes saw the same composite rate as the previous month.
By industry, manufacturing saw a significant rate decrease, from minus 2% in January, to minus 5% in February. Habitational dropped another 1% in February for a total of minus 6%. All other industry rates remained the same as in January, MarketScout said.
February 2016 rates by coverage, account size and industry class: