The composite rate for U.S. commercial lines climbed 1% on average in the third quarter, according to MarketScout.
"Rates are trading on a quarter-to-quarter basis in a very tight range," MarketScout CEO Richard Kerr said in a statement. "The recent hurricanes have not impacted property rates for the third quarter; however, adjustments in property rates will be recognized in the fourth quarter of 2017," he said.
By coverage class, commercial auto rates were up 5%. Rates for each of commercial property, business owners' policy, general liability, umbrella/excess, professional liability, directors and officers liability and employment practices liability insurance were up 1%. Rates for business interruption, inland marine, fiduciary, crime and surety were flat. Rates for workers' compensation were down 2% in the third quarter.
By account size, rates for small accounts with premiums of up to $25,000 increased 2%, while those for medium accounts of $25,001 to $250,000 were up 1%. Rates for large accounts of $250,001 to $1 million and jumbo accounts with premiums of more than $1 million remained flat.
Additionally, MarketScout reported a 2% increase in the personal lines composite rate in the third quarter. Rates for homeowners insurance for homes with less than $1 million in value were up 3% and rates for homeowners insurance for homes with more than $1 million in value were up 2%. Automobile rates increased 2%, while rates for personal articles climbed 1%.