Commercial rates fell in December 2014 -- sending out warning signs for the return of a soft market -- while personal rates moderated during the same period, according to a recent report from MarketScout.
"We are on a cusp of a soft market," says Richard Kerr, CEO of MarketScout. "Throughout 2014, the composite P&C rate slowly drifted towards renewing as expiring, and in December we finally hit that mark."
By coverage classification, rates for all commercial coverages were down 1% in December with the exception of employment practices liability insurance (EPLI), which remained at +2%, and commercial property and auto, which were down 2%.
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