The composite rate for all lines of U.S. property-casualtybusiness was down 12 percent for April, the electronic MarketScoutinsurance exchange reported–the same average decline as in March,and two percentage points less than the 14 percent drop reportedfor February.
|By coverage, general liability topped the declines at 15percent. Small account rates fell deeper–by 14 percent, versus 12percent in March–while cuts for jumbo accounts moderated from a 13percent drop in March to 11 percent in April.
|Richard Kerr, founder and chief executive officer of theDallas-based MarketScout, said in a statement that admittedinsurers “continue to carve market share from the surplus linesinsurers by assuming risks which had been traditionally placed inthe nonadmitted market. Vanilla accounts are coveted by everyone,so they also go to the admitted market, but at extremelycompetitive rates.”
|For more details, go to www.MarketScout.com.
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