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Property/casualty insurance rates dropped by an average of 9% in October compared with levels of a year earlier, Dallas-based insurance exchange MarketScout reported Monday.
The largest drops were experienced by general liability and workers compensation lines of coverage. But even commercial property dropped 2%. In general, larger accounts experienced greater proportional decreases than smaller ones.
"As predicted, the absence of hurricane activity has extended the soft market," said Richard Kerr, chief executive officer of MarketScout, in a commentary accompanying the data. "Rates in the energy sector, including offshore exposures, are stabilizing. Coastal property is still tough, but rate increases are easing."