World: Commercial property/casualty insurance rates decline
Friday, 05 06 2016, Category: Insurance and Reinsurance, Country: World
Commercial property/casualty insurance rates dropped an average of 2% in April compared with the same month a year earlier, MarketScout reported Thursday.
That's a smaller decrease than was registered in March and may signal a moderating of the current soft market, said MarketScout CEO Richard Kerr in a statement.
“It seems we may have a reversal of sentiment,” said Mr. Kerr in a statement accompanying the April report. “Rates are moderating. We are only seven months into a soft market that has so far yielded a maximum composite rate decrease of minus 4%. This soft market may be limited in length and severity. A limited soft market would be a bit surprising, noting the current ample market capacity; however, more sophisticated underwriting tools seem to be limiting market swings.”
Source: Business Insurance