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US commercial rates turn

US commercial property and casualty rates increased 1% in the first quarter, the first rise in 20 months, according to analyst MarketScout.

CEO Richard Kerr says the composite rate rise was driven by larger increases in commercial auto, transportation, professional, and directors and officer’s cover.

“We also recorded small rate increases in the majority of coverage and industry classifications,” he said. “So this year begins with insurers moving away from the rate cuts of last year.”

Personal lines were up 2% for the quarter.

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