Property-casualty premiums were down an average of 7 percent in August--holding steady with July's marketwide figure--although rates were up slightly in commercial property, directors and officers, and business income insurance, according to MarketScout, a Dallas-based online wholesaler.
"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 D&O was up 1 percent. General liability had the biggest decrease at 8 percent, followed by umbrella/excess and workers' compensation at 7 percent, and professional liability at 6 percent.
By industry class, manufacturing was down the most at 8 percent, while energy showed the sharpest increase at 7 percent.
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