Property/casualty rates fall 5%: MarketScout

U.S. commercial property/casualty rates dropped an average of 5% in February compared with a year earlier, electronic insurance exchange MarketScout reported.

According to Dallas-based MarketScout, general liability rates posted the largest decline, 6%, but rates for several lines of coverage tracked by MarketScout—including workers compensation and directors and officers liability—barely moved, dropping only a single percentage compared with last year.

“It seems the market is stuck at minus 5% on a composite basis,” MarketScout CEO Richard Kerr said in a Friday statement accompanying the February data. “The rates by industry, coverage or account size change a bit each month, but generally all categories are staying in the same range of premium reductions.”