MarketScout: Property/Casualty Rates Down 5%

The composite rate for U.S. property and casualty insurance was down five percent in November 2010, following a decline of four percent in October, according to online insurance exchange MarketScout.

MarketScout’s latest analysis appears to confirm its warning last month that the current pricing environment may be around for several more years.

By coverage, general liability was down the most with an average rate reduction of minus six percent followed by commercial property at minus five percent.

Workers’ compensation, professional liability, D&O liability, fiduciary and surety were the coverage classes experiencing the smallest decreases (minus 1 percent).

By account size, MarketScout said accounts ranging in premium size from $250,000 to $1 million were priced most aggressively at minus six percent.

Industry sectors experiencing the largest decreases were manufacturing, contracting and service – down five percent.

Check out I.I.I. information on the industry’s financial results and market conditions.

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