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US rates climbing, MarketScout says

US rates are continuing to harden, according to information exchange MarketScout.

Both commercial and personal lines rates rose last month, it says. Commercial property was up 7%, directors’ and officers’ liability increased 4%, professional liability was up 3% and workers’ compensation rose 6%. Commercial auto was up 4%.

The composite rate for commercial insurance was an increase of 5%.

MarketScout CEO Richard Kerr says rates continue to rise across the nation, with larger increases in wind-exposed areas on the Gulf coast and east coast.

“This is normal during hurricane season,” he said. “The composite rate for property coverages across the US was up 7%.”

Manufacturing and contracting risks had the largest increase among industry classifications, rising 6%.

US personal lines rates rose 3% last month.

Mr Kerr says rates increased on home of high, moderate and low-value, adding it is unusual to see pricing for all three categories rise in line.