Quiet Market Yields Slight Rate Reductions says MarketScout
July has brought a brief respite to the U.S. Property and Casualty marketplace, with rates up plus four percent this past month. This announcement comes after four consecutive months of plus five percent increases.
“The market is quite,” says MarketScout CEO Richard Kerr. “Many underwriters, insurers, and brokers are on holiday after securing their July 1 renewals. Without any catastrophic events, it is natural to see the market drift downward. We will have a much better feel for where things are headed once the results are tabulated for September and October.”
In particular, July saw a one percent rate increase for commercial auto, workers’ compensation, D&O and EPLI. Another increase also occurred with fiduciary rates which increased last month from plus two to plus three percent.
An in-depth look at the numbers
The following is a look at the full results of rate increases and/or decreases in the U.S. commercial marketplace according to coverage, account size and industry classifications.
|By Coverage Class||Rate Increase|
|Commercial Property||Up 5%|
|Business Interruption||Up 2%|
|Inland Marine||Up 3%|
|General Liability||Up 5%|
|Commercial Auto||Up 5%|
|Workers’ Compensation||Up 5%|
|Professional Liability||Up 3%|
|D&O Liability||Up 4%|
|By Account Size||Rate Increase|
Up to $25,000
$25,001 – $250,000
$250,0001 – $1 million
Over $1 million
|By Industry Class||Rate Increase|
|Public Entity||Up 2%|