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%.
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%.