Search
 

October Rates Provide More Evidence of Market Shift; Demand to Rise in Nontraditional Risks

Showing rate increases/decreases were flat for the month, MarketScouts October barometer provides further evidence of the soft market making a turnaround. One insurance-broker executive says he believes the industry is actually primed for an increase in demandalthough likely in areas outside the traditional property and casualty arena.

By Mark E. Ruquet | Updated on November 10, 2011

Showing rate increases/decreases were flat for the month, MarketScout’s October barometer provides further evidence of the soft market making a turnaround. One insurance-broker executive says he believes the industry is actually primed for an increase in demand— although likely in areas outside the traditional property and casualty arena.

“With two consecutive months of a flat market, we are on the cusp of a composite rate increase,” says Richard Kerr, CEO of Dallas-based MarketScout.

Kerr notes that according to October’s numbers, umbrella liability and public entities recorded rate decreases of 1 percent. Meanwhile, business interruption, inland marine, general liability, commercial auto, professional liability, fiduciary and crime were flat.

Business-owner’s policy, directors’ and officers’ liability, employers’ professional liability insurance and surety were all up 1 percent, while workers’ compensation was up 2 percent.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.