The composite rate for October was plus 4 percent as compared to plus 5 percent in September. Several significant adjustments were recorded in October.
Small accounts and commercial property rates decreased from plus 6 percent to plus 4 percent.. Business owners' policies (BOP) rates decreased from plus 5 percent to plus 3 percent. The largest downward adjustment was in general liability coverage, which was down from plus 6 percent to plus 3 percent.
The market adjustments drew these comments from MarketScout's CEO, Richard Kerr, “The upward trajectory of rates certainly lost some steam in October. The general liability results are significant because this coverage is offered by a large percentage of both the admitted and non-admitted marketplace. We will watch closely to see if more aggressive pricing creeps into other lines of coverage through the end of the year.”
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