Advertise
Resources
Member, Beacon International Group, Ltd.
The soft commercial property/casualty insurance market continues to soften, with rates dropping an average of 5.2% during the third quarter of the year compared with same period last year, according to a survey released Wednesday by the Council of Insurance Agents & Brokers.
The Washington-based CIAB’s Commercial P/C Market Index found, however, that the rate of decline had slowed somewhat since the second quarter, when rates dropped an average of 6.4%. In general, the larger the account, the greater the decline, with large account rates dropping an average of 6.6% while those of small accounts dropped only 3.6%.
“Market conditions haven’t changed much since last quarter,” said CIAB President Ken A. Crerar in a statement announcing the results. “Carriers are still willing to compete on terms, conditions and price. Barring any unforeseen events, there is nothing on the immediate horizon that suggests a dramatic change in the market’s direction.”