Commercial-lines rates are under pressure, but so far that has not correlated to standard carriers competing for business traditionally written by the excess and surplus lines market, Nationwide's CFO says.
Commercial-insurance rates were up by 7 percent in 2013s first quarter compared to the same period a year ago, essentially continuing the pace of increases seen over the past two quarters, Towers Watson says in a recent survey.
U.S. property and casualty insurers saw 2012 first-quarter net income soar by 69 percent as lower catastrophe losses helped drop the industrys combined ratio to 96, compared to 102 a year ago, according to a Moodys Investors Service analysis.