NU Online News Service, Jan. 5, 12:13 p.m.EST

The year 2011 came to a close with firm evidence that the softmarket has ended, according to the latest figures released by theelectronic insurance exchange MarketScout.

Average property and casualty rates rose 1 percent, accordingthe Dallas-based company.

This marks the second consecutive month of increase in theMarketScout barometer.

“The December composite rate increase further supports ourfindings that the soft market cycle has ended,” says Richard Kerr,chief executive officer of MarketScout in a statement. “There willcontinue to be micro markets where rates decline. However, on acomposite basis, the trend is clearly towards rate increases.”

Last year started with rate decrease of 5 percent, Kerr notes.The decreases fell to 4 percent in March, then 3 percent in June,and 2 percent in July before flattening in September.

By account size, jumbo accounts of over $1 million in premiumwere flat in December while all other account sizes were up 1-2percent.

Of the 14 coverage classes MarketScout lists, none were down.Five of the classes were flat, five were up 1 percent and threewere up 2 percent. Workers' compensation had the highest increaseat 3 percent.

By industry class, only habitational was flat while all otherswere up 1 percent.

The barometer is compiled by MarketScout based on new andrenewal business placed through the insurance exchange. TheNational Alliance for Insurance Education and Research alsoconducts pricing surveys that are used in the analysis of marketconditions.