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MarketScout: May P/C Composite Rate Decreases 3%

Posted on 07 Jun 2010

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MarketScout has computed the May 2010 composite rate for property and casualty business in the United States. The composite rate results for May measured minus three percent, a moderation from the March and April rate of minus four percent.

According to Richard Kerr, Founder and CEO of MarketScout, "General Liability rates moderated in May. The trend of larger accounts getting deeper premium discounts continued. Small accounts realized a rate reduction of two percent while jumbo accounts enjoyed reductions averaging five percent. Transportation, habitation and energy industries had the least premium reductions at minus two percent."

The National Alliance for Insurance Education and Research conducted pricing surveys used in MarketScout's analysis of market conditions. These surveys help to further corroborate MarketScout's actual findings, which are mathematically driven by actual new and renewal placements across the United States.