The decline of property-casualty insurance rates slowed modestly in February, but the market remains relatively soft, according to MarketScout, the Dallas-based electronic insurance exchange. The firm's monthly “Market Barometer” survey found a 5 percent average reduction in rates last month, down from 6 percent in January.
“February is a traditionally slow month for insurance placements,” said Richard Kerr, chairman and CEO of MarketScout. “The volume of business placed in February is small, so the slight hardening trend may reverse in March.”
He noted, however, that last month energy and jumbo accounts hardened, while umbrella and excess liability accounts softened. The overall market is still generating a composite rate reduction, but the trend of decreasing rates reversed a bit in February, he added.
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