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Member, Beacon International Group, Ltd.
U.S. commercial property/casualty rates dropped an average of 5% in November compared with those of year earlier, MarketScout reported Monday.
That came after a decline of 4% in October, according to the Dallas-based electronic insurance exchange.
General liability experienced the largest decline with a drop of 6%, followed by property with a 5% decline. By account size, accounts from $250,000 to $1 million were priced most aggressively with a 6% decline.
“Our studies reflect increased competition for accounts ranging in premium size from $250,000 to $1 million,” said MarketScout CEO Richard Kerr in a statement announcing the November results. “Insurers who traditionally focused on small guaranteed-cost accounts are moving into the middle and larger market sectors to get a shot at larger accounts, which many insurance executives feel generate a higher profit margin for both insurers and intermediaries.”