Property-casualty premiums were down an average of 7 percent in August--holding steady with July's marketwide figure--although rates were up slightly in commercial property, directors and officers, and business income insurance, according to MarketScout, a Dallas-based online wholesaler.
"Without significant hurricane activity in the Gulf and Atlantic, the current trend will continue and result in further softening of the property market, and perhaps some much needed relief to rates for property in coastal areas," MarketScout said.
Commercial property rates were up 2 percent, while business income and D&O was up 1 percent. General liability had the biggest decrease at 8 percent, followed by umbrella/excess and workers' compensation at 7 percent, and professional liability at 6 percent.
By industry class, manufacturing was down the most at 8 percent, while energy showed the sharpest increase at 7 percent.
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.
