Commercial insurance rates flat in June
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Commercial property/casualty rates were on average flat in June compared with those of a year earlier, MarketScout reported Monday.
“We are in the insurance doldrums,” said Richard Kerr, CEO of the Dallas-based electronic insurance exchange, in a statement. “There really isn't even a breeze of significant movement anywhere. The absence of rate movement could be yet another signal that insurers simply are not going to participate in a price-slashing war as was done in previous market cycles. Low interest rates and better underwriting tools are making insurers cautious.”
The larger the account, the greater the decrease, MarketScout reported. The largest accounts — those generating more than $1 million in premium — reported average rate declines of 2%. The smallest accounts, which generate less than $25,000 in premium — continued to experience rate increases, although only of 2%.
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