U.S. commercial lines rates increase 3% in February 2012

U.S. commercial property lines saw an average increase of 3% in February 2012, according to MarketScout’s Market Barometer.

Overall, the U.S. composite commercial rate index saw an increase of 2% during the month.

“In September 2011, rates were flat,” Richard Kerr, CEO of MarketScout said. “Since then, we have continued to see evidence of a slowly turning market with the composite rate at 0% for October; 1% increase for November 2011 through January 2012, and now a 2% increase in February 2012.

“Commercial property and workers’ compensation are leading the increases at plus 3%.”