Market Softening To Continue

The latest gauge on the condition of the U.S. commercial property/casualty market from online insurance exchange MarketScout points to a continued softening market in 2008. Rates for the December p/c market index fell 16 percent, a continuation of the softening market of the past three years. Steeper rate reductions in the latter part of the year contributed to an average rate reduction of 13.25 percent for calendar year 2007, according to MarketScout. By line of coverage, general liability and umbrella/excess led the pack with a rate decline of 18 percent in December 2007. Professional liability and D&O liability experienced the second largest drop in rates of 17 percent. Surety saw the smallest rate decline of 8 percent. Check out the I.I.I. Earlybird Forecast 2008 for another take on the market.  

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