Commercial P/C Market Softening
Thursday, July 22nd, 2004 Liability Property Risk ManagementThe commercial property/casualty insurance market showed signs of continued softening in the second quarter of 2004, with one-third of the small accounts and more than half the medium and large accounts experiencing significant premium decreases. The latest commercial market index, conducted by The Council of Insurance Agents & Brokers (CIAB), showed 36 percent of small accounts, 57 percent of medium accounts and 53 percent of large accounts experienced premium rate decreases ranging from a slight decrease to a drop of as much as 20 percent during the last quarter. Brokers from across the country said most of their commercial accounts held steady or experienced premium decreases during the period. For the small number of commercial clients whose premiums increased, the hike was usually in the 1 percent to 10 percent range.
