Insurance rates are continuing to decline at the same pace as last month. according to MarketScout, the Dallas-based online insurance exchange.
In its monthly market barometer release the firm said rates continued their decline at negative-15 percent for the month of November.
All classes of business showed continued decreases, with general liability and umbrella/excess showing the steepest drop at 18 percent.
"General and excess liability rates decreased an additional 3 percent in November to minus-18 percent," pointed out Richard Kerr, founder and chief executive officer of MarketScout. "We believe the liability reductions might be driven by increased use of claims-made policies. We will continue to research this hypothesis and report our findings."
Directors and officers liability followed general liability and umbrella/excess at 17 percent. The smallest reduction out of the 13 classes listed was surety, down by 7 percent.
By account size, decreases were not markedly different. Both small and jumbo accounts saw decreases average at 15 percent, while medium and large accounts experienced decreases of 16 percent.
Looking at industry class, premium prices were down the steepest for manufacturing at 16 percent. Transportation was down the least but still experienced double-digit decreases of 10 percent.
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