Posted on 06 May 2011
According to MarketScout, the Dallas-based electronic insurance exchange with supporting managing general agent (MGA) and wholesale facilities, April 2011 composite property and casualty (P&C) rates matched March reductions of 4 percent.
By industry class, manufacturing remains most competitive with reductions of 5 percent followed by contracting at minus 4 percent. General liability and umbrella coverages priced most aggressively among coverage classifications at minus 4 percent. When including the large volume of non-catastrophic driven business, property rates were down 3 percent. Catastrophe-exposed properties assessed a slight rate increase of 1 percent to 4 percent. Workers’ compensation, professional liability, directors and officers (D&O), employment practices liability insurance (EPLI) and fiduciary coverages were all flat.
Small accounts were down only 1 percent. Large accounts ($250,000 to $1 million) priced most aggressively at minus 5 percent.
Richard Kerr, CEO of MarketScout, commented, "There were no surprising results in April. The market continues to moderate. Were it not for the discounts which provided large account business, rates would have been down 3 percent for April."