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U.S. commercial property/casualty insurance rates continued to soften for most lines during the second quarter of this year, according to a survey released Monday by the Council of Insurance Agents & Brokers.
According to the Washington-based CIAB's latest commercial market index survey, 83% percent of respondents said P/C rates were down 1% to 30% for large accounts compared with the first quarter of this year, while 92% reported the same range of rate decreases for medium-size accounts. Seventy-nine percent of survey participants said rates for their small-account renewals were down 1% to 30%.
The average drop in premium rates for all sizes of accounts was 11.8%, according to a Lehman Bros. analysis of the CIAB data. Rates for large accounts dropped the most at 14.8%, according to the Lehman Bros. analysis. Rates for medium-size accounts dropped an average 12.6%, while small accounts experienced the smallest average decline at 8.3%.
The survey was based on the responses of 121 agents and brokers across the country.