A new report from Dallas-based
The report pegs the composite rate for U.S. property/casualty insurance at -4% for September 2010.
“In this market, he or she who controls the most premium sometimes makes the rules,” Kerr said in a statement. “We don't feel that is good practice because it isn't in the best interest of the insured, however, it does happen. Everyone is fighting and scratching for market share. If rates don't go up soon and the economy remains in the doldrums, the fighting will only get worse."
Below is a summary of September 2010 rates by coverage class:
Commercial Property Down 4%
Business Interruption Down 2%
BOP Down 2%
Inland Marine Down 4%
General Liability Down 5%
Umbrella/Excess Down 3%
Commercial Auto Down 3%
Workers’ Compensation Down 3%
Professional Liability Down 2%
D&O Liability Down 1%
EPLI Down 1%
Fiduciary Down 1%
Crime Down 1%
Surety Down 2%