U.S. property/casualty rates down in August: MarketScout

U.S. property/casualty insurance rates declined an average of 2% in August compared with a year earlier, MarketScout reported Tuesday.

But the Dallas-based electronic insurance exchange reported that rates for several lines—including commercial property—were flat, while rates for one line of coverage—surety—increased 1%. Umbrella/excess coverage reported the largest decrease, dropping 3% from a year earlier.

Not all accounts fared the same in August. Small accounts experienced average increases of 2%, while the largest accounts enjoyed average decreases of 4%, MarketScout said.

“The larger the account, the more aggressive the underwriting community,” MarketScout CEO Richard Kerr said in a statement accompanying the survey. “Big, prestige-name accounts have always enjoyed preferred pricing. Brokers, agents and underwriters continue to be aggressive in their efforts to place marquee names on their client list.”

August’s 2% year-over-year decrease was identical to that registered in MarketScout’s July report.