The composite rate for property and casualty coverages in the United States was down 4% for March 2010, according to According to MarketScout, a Dallas-based electronic insurance exchange that underwrites and distributes product lines to a 35,000-member agency network across the United States. The composite rates for February 2009 and 2010 were down 8% and 5% respectively.
“Including data from across the United Sates, the rate for workers’ compensation was down 2% in March as compared to down 5% in February. This is a significant month-on-month movement,” said Richard Kerr, CEO of MarketScout. “If workers’ compensation premiums continue to moderate over the next several months, it will be a clear sign that comp insurers are beginning to increase premiums. In April, the NCCI will publish new data outlining insurers¹ results for 2009. This data may give us additional indications of what we can expect for comp pricing for the rest of 2010. We will be watching carefully.”
Directors & Officers liability and surety rates were flat, with both coverages showing a zero base level, meaning policies were renewed as expiring with no rate increases or decreases. Jumbo and large accounts continue to enjoy the greatest rate reductions. Small to medium accounts are receiving only moderate rate reductions. Rates moderated for energy, manufacturing and public entities. All other industry classes maintained the same rate position as in February.
The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions. These surveys help to further corroborate MarketScout’s actual findings, which are mathematically driven by actual new and renewal placements across the United States.
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