The composite rate for U.S. property and casualty insurance was down five percent in January 2011, unchanged from December and NovemberÃ‚ 2010.
In its latest market analysis, online insurance exchange MarketScout noted that small accounts were less competitive than larger accounts.
Richard Kerr, CEO of MarketScout observed:
Underwriters on small accounts, those under $25,000, are not pricing nearly as aggressively as large account underwriters. Small account rate reductions were down only 1 percent, while accounts paying a premium over $1 million enjoyed rate reductions averaging 6 percent.Ã¢â‚¬
By coverage, commercial property and general liability were down the most with an average rate reduction of minus 5 percent.
WorkersÃ¢â‚¬â„¢ compensation, professional liability, D&O liability, EPLI, fiduciary and surety were the coverage classes experiencing the smallest decreases (minus 1 percent).
An article onÃ‚ propertycasualty360.comÃ‚ has more on this story. Check out I.I.I. information on the industryÃ¢â‚¬â„¢s results and financial conditions.