The soft market deepened last month for the property and casualty insurance industry, particularly for bigger buyers, with the overall composite rate declining 5 percent, compared with 4 percent in January, MarketScout reported.
MarketScout Chief Executive Officer Richard Kerr said rate reductions have held to a pattern over the last six months, declining by either 4- or 5 percent during that span. “There will always be some changes month to month,” he said, “but generally we are seeing a consistent pattern of pricing in most coverage classes.”
MarketScout said commercial property, general liability and workers' compensation policies have declined the most–5 percent–while business interruption, directors and officers liability, employment practices liability, fiduciary liability, and crime coverage have seen the most modest decreases at just 1 percent.
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