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Commercial insurance rates continued to drop in the first quarter of 2016, according to a survey released Tuesday by the Washington-based 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 3.7%. In keeping with the general trends of the past, the larger the account, the greater the decrease, with the largest accounts experiencing decreases at 4.6%, with medium-sized accounts enjoying a 4.4% drop and smallest accounts reporting 2.1% decreases.
The extent of decreases varied by line, with some lines reporting increases. Commercial automobile rates increased an average of 3.6%, while directors and officers liability rates and employment practices liability also increased slightly. Commercial property rates, however, fell an average of 5.2%. Workers compensation and general liability rates also dropped by an average of more than 3%.
“While rates have been down, our members have told us that the market has increased capacity across the board and for coastal property coverage, particularly in the Southeast region,” said CIAB President and CEO Ken A. Crerar in a statement accompanying the index. “We have been fortunate to have quiet hurricane seasons the last few years, but there is a lot of concern that these new markets will retreat after the first major loss event.”
Overall pricing for directors and officers insurance among publicly traded U.S. companies dropped 9.2% during the first quarter of this year, Aon Risk Solutions said Friday.