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Member, Beacon International Group, Ltd.
Commercial property/casualty insurance rates dropped an average of 4% in October, Dallas-based electronic insurance exchange MarketScout reported Friday.
The decline extended “the slow and steady moderation trend that began in August 2009,” said MarketScout in its report. MarketScout noted that during the past 14 months, “rate reductions have been very tight,” registering between 3% and 5%.
“We may be at the beginning stages of the ‘new normal,’” said Richard Kerr, founder and CEO of MarketScout, in a statement accompanying the results.
“Since February 2005, rates have been cut in all areas regardless of how the data is measured,” he said. “Agents, brokers and insurers need to realize this pricing environment may be around for several more years.”