Property and casualty rate reductions deepened slightly in August overall, but in general have stabilized over the past 12 months, according to the latest “barometer” survey results from MarketScout.
In its monthly “Market Barometer” report, MarketScout said the composite rate for p&c placements in the United States was down 4 percent for August 2010, compared to a 5 percent reduction in August 2009.
Rate cuts were deeper in August than they were in July, when the barometer indicated a 3 percent decline. But MarketScout noted that the volume of business placed in August is “considerably smaller than in most other months.”
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