NCRB Posts Residual Market Results

The North Carolina Rate Bureau (NCRB) reported $5.2 million of premium in the assigned-risk market for February based on 2,374 policies with an average annual premium of $2,191.The agency said year-end premium totals were $95.4 million for 2007 based on 37,947 assigned-risk policies with an average premium of $2,514.The bureau also provided an industry breakdown for the 4.1% rate increase scheduled to take effect April 1 in the residual market.Construction rates will increase by an average 7.7%, followed by an increase in manufacturing rates of 6.7% and an increase for goods and services of 3....