Commercial property & casualty business is suffering from excess capacity in the hunt for market share, resulting in another quarter of declining renewal pricing, according to The Council of Insurance Agents & Brokers’ second quarter Commercial P/C Market Index Survey. On average, renewal rates dropped by about 6% in the second quarter, compared with a 5% decrease in the first quarter of 2010, notes CIAB.
“It’s the same old story,” said Council President Ken Crerar. “Carriers continue to fight aggressively for new business as capacity flows into the market. It’s like someone forgot to turn off the spigot. No one seems to know when the reservoir will dry up, but in the meantime, it’s definitely a buyers’ market.”
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