August is traditionally a slower month for insurance renewals and this year was no exception. The August composite rate for the commercial P&C market held steady at plus-4 percent, matching the index for July, according to this month’s MarketScout Rate Index. Meanwhile the U.S. personal lines market suffered from wildfire and flood claims, but the impact was not significant enough to knock the composite rate, which held steady at plus-3 percent.
“With no wind, no quake, and no big cat exposures looming, insurers are happy to sit tight and hold the status quo,” said Richard Kerr, MarketScout CEO. “August is often a slow month with few significant renewals so it is not unusual to see a static market.”
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