In a statement accompanying the Council of Insurance Agents and Brokers' Q1 2012 Market Index Survey, CIAB President and CEO Ken Crerar declared a hard-market turn.
Rates had ticked up beginning in Q3 2011, then increased by 2.7% in Q4 and rose again by 4.4% in Q1 2012. CIAB's survey showed increases peaked at 5.2% in Q1 2013, and began to slow in Q2 2013.
In the latest survey, which measures pricing for Q2 2014, commercial rates on average have fallen for the first time since Q2 2011, although only slightly at -0.5%.
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