The decline in insurance prices is finally showing signs of hitting bottom, with commercial property and casualty premiums overall dropping an average of 5 percent last month–half the rate of one year ago, MarketScout's “barometer” survey found.
Meanwhile, the directors and officers liability line–hit hard by claims related to the Madoff Ponzi scheme and other losses related to last year's financial meltdown–for the first time in almost three years did not show a downward pricing trend, Dallas-based MarketScout noted. For the month of August, D&O rates were flat, compared to an average decline of 2 percent in July.
“While the overall P&C market is still soft, the market is continuing to moderate with composite rate reductions of minus-5 percent in August 2009 as compared to minus-6 percent in July 2009 and minus-10 percent one year ago,” said Richard Kerr, chief executive officer of MarketScout.
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