Property-casualty insurance rates saw an overall decline of 7 percent for the month of August, with slight rate increases in commercial property, directors and officers, and business income insurance, according to an online wholesaler.
Dallas-based MarketScout said in a month-to-month comparison, coverage placed in the United States showed a 7 percent decline, equaling July's decrease.
By account size, medium size accounts with premium between $25,000 and $250,000 saw cumulative reductions of 9 percent. Large and jumbo accounts, over $250,000 in premium, saw reductions of 8 percent. Small accounts, under $25,000 in premium, were down 7 percent.
"Without significant hurricane activity in the Gulf and Atlantic, the current trend will continue and result in further softening of the property market and perhaps some much needed relief to rates for property in coastal areas," MarketScout said.
Commercial property rates were up 2 percent, while business income and directors and officers liability was up 1 percent. General liability had the highest decrease at 8 percent, followed by umbrella/excess and workers' compensation at 7 percent. Professional liability had the next largest decrease at 6 percent.
By industry class, manufacturing was down the sharpest at 8 percent, while energy showed the highest increase at 7 percent. Service class was down 6 percent, followed by habitation at 4 percent. Contracting was down 3 percent, followed by public entity at 1 percent, and transportation was flat.
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