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.
by BusinessInsurance.com ~Jul 21,2010