Slight Rate Increases By 2010

While rate reductions for U.S. property/casualty insurance placements will continue to moderate for the balance of 2009, online insurance exchange MarketScout forecasts that by 2010 most lines of coverage will be renewed as expiring or for a slight rate increase. The comments came as MarketScout reported the average property/casualty rate decrease was 4 percent in September, compared to a double-digit rate decrease of 10 percent a year ago. Workers’ compensation was the most aggressively priced line of business in September with rates down 6 percent. General liability rates showed an average rate decrease of 5 percent from 7 percent in August, while the average property rate decrease was 4 percent. Coverage classes experiencing the smallest decreases were D&O liability (flat at zero percent) and EPLI and crime with an average rate reduction of 2 percent. Check out I.I.I. information on the industry’s financial outlook.

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