US rates slump 9% – but hardening is in sight
While rates in other international markets begin to harden, the race to the bottom continues in the US, where property and casualty rates slid 9% in January.
A report by US insurance exchange MarketScout shows decreases ranged from 5% for directors’ and officers’ liability through to 10% on business owners’ policies.
Despite the continued discounting, MarketScout CEO Richard Kerr claims the end is in sight for soft US conditions.
“Insurance executives are forecasting and closely monitoring the prospects for much-needed rate increases in 2009,” he said. “While we expect upward movement in prices, we don’t expect dramatic swings in the near term.”
A report by US insurance exchange MarketScout shows decreases ranged from 5% for directors’ and officers’ liability through to 10% on business owners’ policies.
Despite the continued discounting, MarketScout CEO Richard Kerr claims the end is in sight for soft US conditions.
“Insurance executives are forecasting and closely monitoring the prospects for much-needed rate increases in 2009,” he said. “While we expect upward movement in prices, we don’t expect dramatic swings in the near term.”