Richard Kerr, CEO of MarketScout observed, "Underwriters on small accounts, those under $25,000, are not pricing nearly as aggressively as large account underwriters. Small account rate reductions were down only 1 percent, while accounts paying a premium over $1 million enjoyed rate reductions averaging 6 percent.”
By coverage, commercial property and general liability were down the most with an average rate reduction of minus 5 percent. Workers compensation, professional liability, D&O liability, EPLI, fiduciary and surety were the coverage classes experiencing the smallest decreases (-1 percent).