A new report from Dallas-based MarketScout finds a soft market persisting across all coverage classes.
The report pegs the composite rate for U.S. property/casualty insurance at -4% for September 2010. 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 new and renewal placements across the United States According to Richard Kerr, CEO of MarketScout, the lingering price depression is casing new pressures.
“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%
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