Insurance rates in the US will rise next quarter due to the impact of recent hurricanes, MarketScout says.

The analyst’s composite rate was up 2% for personal lines and 1% for commercial lines in the third quarter, but this did not yet reflect hurricane activity.

“We expect fourth-quarter rates will move based on the ultimate insured losses, which are still largely unknown,” CEO Richard Kerr said.

“We are closely monitoring the losses in the Caribbean and Puerto Rico.

“The ultimate total insured loss will impact rates in the mainland US.

“Caribbean and Puerto Rican insurers are different from those on the mainland US. However, the reinsurance markets are often the same.”