Commercial property/casualty insurance pricing moderating
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Average commercial property/casualty insurance rates were flat in August compared with July, Dallas-based electronic insurance exchange MarketScout said Tuesday.
The exceptions to the rule among coverage classes were commercial automobile, which increased 2%, and commercial property, which increased an average of 1%.
Rates were flat for all industry classifications except manufacturing, which experienced a 1% decline, and transportation, which sustained a 2% increase.
All accounts below $1 million were flat, while the largest accounts experienced a 3% decline.
“Thus far, 2015 is proving to be a steady year,” MarketScout CEO Richard Kerr said in a statement, “Rates were up very slightly in February and July, but all other months were flat.
“Again, it appears soft markets are not as soft as they once were and hard markets aren’t as hard,” he said. “The cycles are moderating, probably because underwriters have so many tools to assure pricing is appropriate. These tools and increased board-level oversight keep the cowboys in check — at least most of the time.”
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