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WASHINGTON--Commercial property/casualty premiums for all sizes of accounts dropped sharply during the first quarter of 2007, according to the Council of Insurance Agents & Brokers' Commercial Property/Casualty Market Index released Monday.
According to the CIAB, 85% of respondents said that large account premiums were down by between 1% and 30% during the first three months of this year compared to last year.
Seventy-seven percent of the respondents said that their small account premiums dropped between 1% and 30% during the first three months of the year, while 94% reported the same range of decline for their medium accounts.
An analysis of the survey findings by Lehman Brothers Equity Research put the average premium decrease for accounts in the first quarter at 11.3%. The Lehman analysis said premiums for all sizes of accounts were at their lowest point since they peaked in the fourth quarter of 2001 following the Sept. 11, 2001, terrorism attacks.
The survey is available www.ciab.com.