The beginning of 2011 was much like the end of 2010 for the soft market, as rates continued to decrease moderately, according to MarketScout's monthly barometer.
For the third month in a row, average property and casualty rates decreased 5 percent, even though one segment of the market did not see as sharp a decrease as other segments.
“Underwriters on small accounts, those under $25,000 [premium], are not pricing nearly as aggressively as large account underwriters,” said Richard Kerr, chief executive officer of the Dallas-based electronic insurance exchange in a statement. “Small account rate reductions were down only 1 percent, while accounts paying a premium over $1 million enjoyed rate reductions averaging 6 percent.”
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