Property/casualty insurance rates down 3%: MarketScout

U.S. commercial property/casualty insurance rates fell by an average of 3% in May, according to electronic insurance exchange MarketScout.

Dallas-based MarketScout said the May decline in rates has “moderated” from the March and April rate decline of 4%.

In May, the service industry saw the highest premium reduction at 4%, while the transportation, habitation and energy industries saw the smallest premium reductions at 2% each.

Accounts with premiums of more than $1 million saw average rate reductions of 5%, while small accounts with premiums up to $25,000 saw a reduction of just 2%.