The composite rate for all lines of U.S. property-casualty business was down 12 percent for April, the electronic MarketScout insurance exchange reported–the same average decline as in March, and two percentage points less than the 14 percent drop reported for February.

By coverage, general liability topped the declines at 15 percent. Small account rates fell deeper–by 14 percent, versus 12 percent in March–while cuts for jumbo accounts moderated from a 13 percent drop in March to 11 percent in April.

Richard Kerr, founder and chief executive officer of the Dallas-based MarketScout, said in a statement that admitted insurers “continue to carve market share from the surplus lines insurers by assuming risks which had been traditionally placed in the nonadmitted market. Vanilla accounts are coveted by everyone, so they also go to the admitted market, but at extremely competitive rates.”

For more details, go to www.MarketScout.com.

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