The average drop in commercial insurance rates leveled off this summer at 14 percent, reflecting a traditionally quiet period for carriers and buyers, according to the latest “Market Barometer.”
The monthly survey by MarketScout–a Dallas-based online insurance exchange–found premiums in general down an average of 14 percent in August, mirroring results in June and July.
“We will start to get a much better measurement of market conditions when underwriting execs return from August holidays and start thinking about their 2008 treaty renewals and how they have performed thus far in 2007,” said MarketScout's chief executive officer, Richard Kerr.
“Most insurers are doing quite well,” he added. “For 2007, so far, so good.”
Average rates in most lines were down by the mid-teens, led by commercial property, general liability and employment practices liability at 16 percent.
Four lines fell by single-digits–commercial auto (9 percent), fiduciary liability (8 percent), crime (7 percent) and surety (4 percent).
Buyers of all sizes and in all industry classes saw premiums fall in the low-to-mid teens.
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