The soft market isn’t changing anytime soon, according to numbers and analysis provided by The National Alliance for Insurance Education and Research and MarketScout, an insurance exchange based in Dallas. The composite property/casualty rate in the United States was down 4% for January 2010, prolonging the soft market. However, there were some notable changes in rates by line of coverage and industry group.
“While the composite rate remained at -4%, we noted rates for Service, Public Entities and Energy decreased further with Public Entities moving from a -3% to -5%,” says Richard Kerr, CEO of MarketScout. “In addition, Directors & Officers, one of the only coverages that went several months in 2009 without rate decreases, slipped back and was hit with an average rate decrease of 2% for January 2010.”
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