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US rates fall 12%

US property and casualty rates have dropped an average of 12% over the past year, according to analyst MarketScout.

General liability lines had the biggest reduction at 15%. Commercial property (14%), business interruption (11%), and inland marine (10%) lines were also discounted.

Directors’ and officers’ premiums were less volatile, falling 6%, while rates for workers’ compensation declined by an average of 8%.

By volume, small accounts declined 14%, while rates for the largest premiums fell 11%.