Property/casualty rates fall in March

Commercial property/casualty insurance rates fell 3% on average in March compared to those of the same month in 2015, MarketScout reported Tuesday.

The 3% drop represents a slight slowing of rate decreases from those of the past three months, each of which posted 4% drops.

“One month certainly is not a trend but insurers did moderate their aggressive pricing in March,” said Richard Kerr, CEO of Dallas-based electronic insurance exchange MarketScout in a statement accompanying the report.

Rates dropped for all size accounts, although the smallest accounts experienced the smallest decreases — 3% — while larger accounts enjoyed 4% drops.

Commercial property posted the largest decrease among the lines of coverage tracked by MarketScout at 4% while crime and employment practices liability insurance rates remained flat. No line of coverage experienced a rate increase.

Among industry classes monitored by MarketScout, manufacturing, habitational and transportation accounts enjoyed the largest decreases at 4%, while service and contracting accounts had the smallest at 2% decreases.