MarketScout Reports January Premiums Decline at Slower Rate
Largely as a result of D&O prices related to the sub-prime lending crises, the composite rate reductions for Property and Casualty insurance moderated slightly in January. According to Richard Kerr, Founder and CEO of MarketScout, “D&O and all lines of professional liability actually experienced moderated reductions in January 2008 as compared to December 2007. D&O rates adjusted 3% to a reduction of minus 14% as compared to minus 17% in December. Inland Marine, General Liability, and Workers’ Compensation premiums increased 1%. However, do not mistake this as a trend towards a hardening market. This is simply a normal adjustment during the course of the current soft market.”
MarketScout has been tracking the US property & casualty market since 2001. The Barometer is created using data assimilated via its online insurance exchange and is supported by in-person surveys of retail agents, company personnel, wholesale brokers, and MGAs. The MarketScout Barometer is unique because it uses mathematically driven data which is corroborated by in-person surveys.
Published on February 6, 2008
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