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Member, Beacon International Group, Ltd.
The commercial property/casualty market is continuing to soften, according to a survey released by the Council of Insurance Agents & Brokers late Thursday.
An analysis of the survey of 108 brokers across the country, done by Lehman Brothers for the Washington-based CIAB, found that the average premium rates for all commercial accounts decreased 5.3% during the third quarter of 2006 compared with the same period a year earlier. The Lehman analysis showed the average small commercial account premium down 3.4%, the average medium account premium down 5.1% and the average large account premium down 7.3% during the third quarter.
The survey also found that some casualty business that had been relegated to surplus lines insurers migrated back to the standard market.
But not all lines of coverage are softening, according to the survey. Coverage for coastal property, particularly in the Southeast, remained difficult to place according to respondents.
The survey can be read at www.ciab.com.