A pricing decline of 9 percent for umbrella/excess coverage last month was the most dramatic figure in the May MarketScout Barometer, which posted a composite decrease three points higher than the average for all insurance sectors.
The Dallas-based electronic insurance exchange reported commercial property pricing still bucking the softening market trend, with premiums rising 2 percent. Last month's 6 percent average rate cut was one point greater than in April.
Workers' compensation dropped 7 percent in May, which MarketScout Chairman Richard Kerr termed significant. "Not only do you have new legislation and regulations passing favorable to the industry, but this also has prompted a number of regional carriers getting back into the market," he said.
General liability pricing declined 6 percent, while the only other line to show an increase was business income, up 1 percent.
"Jumbo" accounts (over $1 million in premium) showed the sharpest decline at 9 percent. Once again, energy showed the largest price hike in the industry class category of 9 percent, while manufacturing showed the sharpest decline at 7 percent.
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