US property and casualty market remains soft
Hot competition for new business continues to dictate US property and casualty rates with premiums falling by an average of 4.9% in the second quarter.
The Council of Insurance Agents & Brokers’ quarterly commercial market index survey has found no significant change from the first quarter, when premiums fell 5.1%.
Large accounts fell an average of 6.7% during the quarter, while midsize accounts fell 5.7%. Rates on small accounts dropped by an average of 2.5%.
“If a hard market is coming, it’s up the road a bit,” council President Ken Crerar said.
US brokers claim the insurers are chasing new business with aggressive discounts at the expense of renewal business, where rate increases are more common.
The Council of Insurance Agents & Brokers’ quarterly commercial market index survey has found no significant change from the first quarter, when premiums fell 5.1%.
Large accounts fell an average of 6.7% during the quarter, while midsize accounts fell 5.7%. Rates on small accounts dropped by an average of 2.5%.
“If a hard market is coming, it’s up the road a bit,” council President Ken Crerar said.
US brokers claim the insurers are chasing new business with aggressive discounts at the expense of renewal business, where rate increases are more common.