P/C Rates Continue to Fall
According to a report released on Friday by MarketScout, the Dallas-based electronic insurance exchange, Commercial property/casualty insurance rates fell an average 15% in September from those in 2006.
The report states that rates dropped in every line of business, and ranged from a decline of 17% for commercial property to 6% for surety. Rates fell for every size account as well, with the smallest accounts experiencing a 14% drop and the largest a 16% decline.
“Unless there is a massive calamity in the next three months, 2007 may be insurers’ best year in recent history,” said MarketScout in a statement accompanying the September report. “Excellent underwriting results are encouraging U.S. insurers to continue aggressive pricing. Lloyd’s has reported pre-tax profits of $7.417 billion at a combined ratio of 83%. U.S. carrier results through the first two quarters of 2007 are producing combined ratios in the low 90% range.”
MarketScout is the nation's largest distributor of multi-line property and casualty insurance, providing retail insurance agents access to over forty A-Rated insurers without the necessity of individual company contracts or volume commitments.
Published on October 8, 2007
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