U.S. commercial property and casualty insurance rates were down 4 percent on average last month–the same drop as in March–but an uptick is coming for energy rates thanks to the BP offshore oil spill, an insurance exchange executive predicted.
Although insurance rates in the energy sector were down 2 percent last month, "energy premiums are going to increase, especially for offshore accounts," according to Richard Kerr, chief executive officer of the Dallas-based electronic exchange MarketScout, which produces the monthly "Market Barometer" survey.
"The disaster suffered by British Petroleum in the Gulf of Mexico is huge and will have an immediate impact on all offshore energy placements," he said.
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