P/C Rates Continue To Slide

As the 2015 year moves closer to completion, US insurers continue to adjust rates downward. The composite rate index for all property and casualty business placed in the US measured down 3 percent in November 2015 as compared to down 2 percent in October 2015. Richard Kerr, CEO of MarketScout noted, “There are very few signs of rate increases. The only coverage with seemingly steady rate increases is cyber liability. Underwriters don’t have a lot of data to use for pricing cyber so we expect pricing to be inconsistent in the near term.”

By coverage classification, property, business interruption, business owners’, inland marine, auto, umbrella, and crime coverages all adjusted down an additional 1 percent from the prior month. General liability and workers’ compensation were down an additional 2 percent as compared to last month.

By account size, jumbo (over $1 million) and large ($250,001 – $1 million) accounts were most aggressively priced and were down an additional 2 percent from the preceding month. Medium ($25,001 – $250,000) and small (up to $25,000) accounts were down an additional 1 percent from the preceding month.

Manufacturing and service industries were down an additional 2 percent from the prior month. Habitational, contracting, public entity and energy were down 1 percent from last month. Transportation was unchanged.

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