Insurance News

Property/casualty rates drop in latest quarter

Posted on: July 25, 2010

Commercial property/casualty insurance rates dropped an average of 6.4% during the second quarter this year, according to the Council of Insurance Agents & Brokers? ?Commercial P/C Market Index Survey? released Monday.

Large accounts, which the survey defines as generating more than $100,000 annually in fees and commissions, experienced the steepest decline at 8.9%, while small accounts generating less than $25,000 in fees and commissions registered an average 3.4% decline. Midsize accounts averaged a 7% drop.

?It?s the same old story,? Ken Crerar, president of the Washington-based CIAB, said in a statement. ?Carriers continue to fight aggressively for new business as capacity flows into the market.?

It is ?definitely a buyers? market,? Mr. Crerar said.

Copyright © 2010 Crain Communications, Inc.

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