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Commercial rates fall in third quarter

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Commercial insurance rates dropped in the third quarter of 2015, according to a survey released Thursday by Council of Insurance Agents & Brokers.

The CIAB's quarterly “Commercial P/C Index Survey” found that rates decreased across all lines surveyed by an average of 3.1%. The largest accounts experienced the largest decreases at 4.1%, with medium sized accounts enjoying a 3.8% drop and smallest accounts reporting 1.4% decrease.

The extent of decreases varied by line. For commercial property, rates fell an average of 5.2%. Commercial automobile rates, however, decreased by an average of only 1.3%.

“We continued to hear from our members that this is a buyer's market,” said CIAB President and CEO Ken A. Crerar in a statement accompanying the survey results. “Competition was fierce, and carriers were willing to give on rate in order to retain good accounts”.