Commercial Insurance Premiums in 2015 are holding steady

By Donna Eyman

Hot Off the Press

Commercial Insurance Premiums in 2015 are holding steady - Donna Eyman
Donna Eyman

The news for 2015 regarding insurance is good for business owners. The “hard market”, which never brought the severely increased insurance pricing most anticipated, is nearly over. A hard market is when insurance carriers tighten up their underwriting guidelines and increase rates. 
Most insurance companies are holding pricing steady and did so in 2014. 
We might even see a slight reduction in premiums the last quarter of 2015.

National Alliance for Insurance Education and Research

The data is provided by pricing surveys conducted by the National Alliance for Insurance Education and Research. 
Commercial rates decreased by an average in December by 1% industry wide.

Employment Practices Liability, however, continues to experience rate increases while Commercial Auto dropped 2%. Other lines of insurance such as General Liability, Professional Liability and Directors and Officers premiums increased by approximately 1%.

The Personal Insurance market has been relatively stable in 2014 with rate increases ranging from 2% to 4%. 
Absent any cataclysmic events, we expect continued pricing stability in 2015.

Posted in Community Insurance Involvement.







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