The commercial property and casualty rate index in the US was down 2 percent in October. Richard Kerr, CEO of MarketScout noted, “Insurers are hungry for premium and capital providers are searching for ways to get in on the action. The obvious result is more competition resulting in rate reductions.”
Commercial auto, crime, and business owners’ policies (BOP) were the only coverage classifications with an increase in rates at plus 1 percent. All other coverages were either flat or down 1 to 2 percent.
Medium sized ($25,001 to $250,000) and jumbo (over $1,000,000) accounts enjoyed the most competitive pricing with rates down 2 percent. In September, jumbo accounts were down 4%. This is a notable adjustment over the past two months for jumbo accounts. All other account sizes were down 1 percent.
Examining pricing by industry classifications revealed habitational and energy business were priced the most aggressively, down 2 percent. All other industries were either flat or down 1 percent.
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions. These surveys help to further corroborate MarketScout's actual findings, mathematically driven by new and renewal placements across the United States.
0 Response to " Property/Casualty Rates Down In October "
Post a Comment