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Property/casualty insurance rates remained flat in October, equivalent to those a month earlier, MarketScout reported Friday.
“October results affirm that the soft market is drawing to a close,” Richard Kerr, CEO of the Dallas-based electronic insurance exchange, said in a statement accompanying the monthly report. “With two consecutive months of a flat market, we are on the cusp of a composite rate increase.”
Mr. Kerr noted that only two market segments where rates decreased were umbrella liability and public entities, each of which declined 1%.
Other lines and classes were either flat or up slightly.
Workers compensation experienced the largest increase of any line at 2% while transportation accounts experienced the largest rate increase among types of accounts with an average increase of 3%.
DALLAS—U.S. property/casualty insurance rates dropped an average of 2% in July compared with the same period last year, MarketScout reported Friday.