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Member, Beacon International Group, Ltd.
Commercial property/casualty rates dropped an average of 5% in January compared with a year earlier, according to electronic insurance exchange MarketScout.
In general, the larger the account, the greater the decrease, Dallas-based MarketScout said Friday.
“Underwriters on small accounts, those under $25,000, are not pricing nearly as aggressively as large-account underwriters,” MarketScout CEO Richard Kerr said in a statement announcing January’s results. “Small-account rate reductions were down only 1%, while accounts paying a premium over $1 million enjoyed rate reductions averaging 6%.”
U.S. commercial property/casualty rates dropped an average of 5% in November compared with those of year earlier, MarketScout reported Monday.