Property-casualty insurance rates continue to fall across all lines of business, according to a survey released by the Council of Insurance Agents & Brokers.
The Washington, D.C.-based CIAB said brokers are finding that insurers are "aggressively competing for new business and fighting hard to keep their renewals."
Rates declined an average of 9.7 percent across all size accounts, according to the respondents. Large accounts (defined as business of more than $100,000 in commission and fees) saw the steepest decline of 12 percent. Midsize accounts (commissions and fees between $25,000 and $100,000) declined 11.4 percent, and small accounts (less than $25,000 in commissions and fees) experienced the slightest decline at less than 6 percent.
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