Commercial property and general liability lines led November rate reductions for the insurance sector, each averaging 11 percent, according to an electronic insurance exchange.
MarketScout, in its monthly Market Barometer, reported the average rate reduction for the 14 lines it tracks was 9 percent. Workers' compensation, directors and officers liability, and surety were at the low end of rate reductions, with each showing a 5 percent decrease.
Richard Kerr, founder and CEO of Dallas-based MarketScout, pointed out that large and jumbo accounts, defined as premium over $250,000, in general showed the largest rate reductions, both at an average of 10 percent, while small and medium accounts were reduced by 8 percent.
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