Industry IQ: No hard market yet: Another 9 percent decline

Property-casualty insurance rates for January declined 9 percent, the same level seen in the prior two months, according to MarketScout.

By coverage class, MarketScout reported declines:

• Business owners–10 percent
• Commercial property and general liability–9 percent
• Commercial auto and crime–8 percent
• Business interruption, umbrella/excess, workers' compensation, professional liability, employment practices liability and fiduciary–7 percent
• Inland marine and surety–6 percent
• D&O liability–5 percent.

Reductions by account size were steepest for large accounts, from $250,001 to $1 million, which were down 10 percent. Medium-sized accounts from $25,001 to $250,000 were down 9 percent, and small accounts of $25,000 and less were down 8 percent.