Commercial lines rate increases moderated in July and the market has become “quiet” due to the time of year and lack of catastrophic events, according to MarketScout's chief executive.
Dallas-based MarketScout notes that after four months of year-over-year 5 percent rate increases, July rate increases eased to 4 percent compared to the same period last year. MarketScout says commercial auto, workers' compensation, directors and officers and employment practices liability insurance rates all moderated by 1 percent, while fiduciary rates were up slightly from plus-2 percent to plus-3 percent.
MarketScout CEO Richard Kerr says, “The market is quiet. Many underwriters, insurers, and brokers are on holiday after securing their July 1 renewals. Without any catastrophic events, it is natural to see the market drift downward. We will have a much better feel for where things are headed once the results are tabulated for September and October.”
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