The average rate for property-casualty insurance slipped another percentage point in June to a decline of 3 percent versus a 2 percent drop in May, according to MarketScout.com, a Dallas-based electronic insurance exchange. In June 2004, rates increased by 7 percent, while in June 2003, they were up 18 percent.
"The slow, methodical market decline is continuing with property renewals leading the way," said Richard Kerr, chairman and CEO of MarketScout, noting that "the larger the account, the greater the premium reduction." He warned, however, that changes to or elimination of the Terrorism Risk Insurance Act could impact property and workers' comp cost trends.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
