Posted on 06 May 2008
MarketScout reported on Monday that property-casualty insurance rates dropped by an average of 12% in April compared with the same period last year.
The Dallas-based electronic insurance exchange found that general liability rates experienced the greatest decline, falling 15% from the levels of April 2007. Rates for small accounts declined 14%, while rates for the largest accounts were down 11%, according to MarketScout.
“Admitted insurers continue to carve market share from the surplus lines insurers by assuming risks which had been traditionally placed in the non-admitted market,” Richard Kerr, MarketScout’s chief executive officer, said in a statement announcing the April results. “Vanilla accounts are coveted by everyone, so they also go to the admitted market, but at extremely competitive rates.”