While we were out on vacation, online insurance exchange MarketScout published its latest market barometer.
For those of you that missed it, MarketScoutÃ¢â‚¬â„¢s analysis reveals the composite rate for property and casualty placements in the U.S. measured down three percent for July 2010, compared to minus six percent a year ago.
MarketScout founder and CEO Richard Kerr, observed that insurers got just what they needed to continue aggressive pricing for the balance of the year: favorable midyear reinsurance terms.
Barring a major catastrophic event, we predict an overall soft market for the balance of 2010. Rates will continue to moderate in select coverages or industries but the composite rate will probably continue to show a small reduction from the immediately preceding year.Ã¢â‚¬
General liability was the most aggressively priced product line (down 5 percent) in July, followed by BOP and commercial property at minus four percent.
Crime (flat), D&O liability, EPLI, professional liability and surety (down 1 percent) were the coverage classes experiencing the smallest decreases.