The soft pricing that has defined the property/casualty market for years may finally be ebbing.
Based on pricing surveys conducted by the
Marketscout notes that jumbo accounts, those over $1 million, are the only segment of the market measuring a rate decrease in November, falling 1 percent. All other classifications, by either coverage, industry group or account size, measured flat or up as compared to one year ago at this time. While prices for areas such as inland marine, umbrella/excess and professional liability remained flat, areas including commercial property, workers’ compensation and business owners policy all charted two-percent increases. Lines including business interruption, general liability and commercial auto all saw one-percent increases in November. Taken as a whole, all lines averaged a 1 percent increase.
“After six years and eight months the soft market cycle has finally broken," said Richard Kerr, CEO of MarketScout. "November 2011 is the first composite rate increase since the soft market began in February 2005.”
