Average P/C rates fell 9% in November: MarketScout

DALLAS--The average rate of all lines of commercial property/casualty insurance fell 9% in November compared to the composite rate of a year earlier, Dallas-based MarketScout reported Tuesday.

According to MarketScout, workers compensation and general liability represented the largest segment of the market and were down 9% and 10%, respectively.

Umbrella/excess coverages fell 8%, which commercial property, business interruption and inland marine continued to soften further with rate decreases of 4%. Professional liability was down 5%, and directors and officers liability dropped 3%, as did employment practices liability. Commercial automobile and fiduciary each dropped by 1%.

But crime and surety coverages experienced a slight price increase, with each up 2%, according to the electronic insurance exchange.

Manufacturing accounts experienced the largest drop--11%--while transportation accounts registered the smallest at 1%.