Property/casualty insurance rates in the United States declined an average of 4% in April when compared with the same period in 2010, notes MarketScout, a Dallas-based electronic insurance exchange that counts more than 35,000 users, most of whom are independent retail agents.
The largest price reductions went insurers’ largest customers. In fact, insurance buyers with accounts between $250,000 and $1 million renewed their insurance contracts with prices that were 5% lower in April compared with the same month last year. Medium-size accounts between $25,000 and $250,000 declined an average of 3%, notes MarketScout. Comparatively, in April, accounts up to $25,000 renewed insurance contracts at rates that were only 1% lower from the previous year.
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